The end of the License Raj had nothing to do with the Cold War. It was apparent to every mainstream politician, even the followers of the Nehru-Gandhi Dynasty, that the License Raj had failed.
If you want to extend the License Raj, I think you need to keep Indira Gandhi from being assassinated - say, make Operation Blue Star as successful as Operation Black Thunder, avoiding her bodyguards turning against her. Indira Gandhi could have very well lived into the twenty-first century with a bit of luck, and so the market reforms would have been delayed accordingly (assuming she doesn’t lose her popularity again, of course).