Arvind Panagariya, the 16th Finance Commission's chief, said the importance of the 1991 economic reforms carried out under PM Narasimha Rao's government is "overstated". "People writing history of these reforms are ones who were involved in them. So, there's a lot of...biases in telling of that history," Panagariya said. He noted that the 1991 reforms didn't end investment licensing.