Rationalizing compliances

06 DEC,2020 | MEDC


 

An increasing number of Indian corporates believe that the economy continues to be over-regulated, and that the government needs to get more objective about compliance-related issues. Many Indian entrepreneursspend an inordinate amount of time on compliance with archaic government rules and regulations, and that hampers their productivity. This impacts their global competitiveness, and prevents them from expanding their footprint overseas. That does not bode well for our economy as a whole. More trust should be developed between all stakeholders, and more effective and innovative ways found to incentivize Indian corporates to adopt better governance practices. No overseas investor would want to park their funds in a system where there is questionable transparency amongst stakeholder relations. If the government is serious about enhancing the ease of doing business in the economy, a steady streamlining and rationalization of compliance requirements along with the development of single window clearances at all levels has to occupy top priority on the policy agenda. 

*Photo Credit: Google

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