That would be like comparing communist china of Chairman Mao's era to the china of today.
The whole process of dis-mantling the license raj was started by the current Prime Minister in 1991 when he was appointed the finance minister of india. He has continued to push his economic agenda on modern india and the results are plain to see. A GDP growth rate among the highest in the world for the last 15-20 years. Among the world's leaders, i doubt if anyone has half his knowledge of world or indian economy or his educational qualifications.
There is a realization within the entire beurucratic and political framework about the importance of openness and integration with the global economy. Which is one of the reasons why so many IT and BPO organizations have sprung up all over india.