Restructuring the regulatory system

10 JAN,2021 | MEDC


 

Compared to much of the free world, the costs (both in terms of time and money) of doing business in India continue to remain prohibitive. The true spirit of Minimum Government, Maximum Governance still has to percolate down to much of the bureaucracy. It is not as much about skills and technical competences, as attitudes and mind-sets, that continue to complicate doing business in India. India’s labyrinth of laws, rules, and regulations need considerable simplification before we are able (if at all) to fill China’s shoes, and aspire for brisk economic growth. Most of our regulations today act as barriers against new capacity generation and market competition, both of which are necessary for proving to the world that we are serious about attracting FDI.Covid has provided us a unique opportunity for infusingcreative disruption in almost every sector of our economy. It is now up to our regulatory system to rise to the occasion, and ensure that Indiabecomes truly business-friendly.

*Photo Credit: Google

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