India is often criticized for its regulatory cholesterol, which hinders economic growth and innovation. Discuss the concept of 'regulatory cholesterol' and its impact on the Indian economy. Suggest pragmatic measures to streamline the regulatory environment and promote ease of doing business in India.
Introduction
'Regulatory Cholesterol', as acknowledged by various reports like Ease of doing business report of World Bank, Economic survey indicates the fact that businesses in India are bound by huge number of laws that actually hinders company operations.
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Main Body
Data: There are as many as 1536 laws that directly or indirectly govern closing business in India.
Concept of Regulatory Cholesterol:
India since independence followed the economic trajectory of Mixed economy with Government led planned economic development restricting & controlling economic activity via regulation like license raj, inspector raj, etc.
Although LPG reforms of 1991 brought neo liberal paradigm shift, Indian economy is still burdened by outdated
E significant curtailment that hinders economic growth.
Impact of it on Indian economy:
It pays to be under regulatory radar of government for MIMEs in India. Micro & small enterprises are instructed to go big with higher cost of compliance moderated
Measures to streamline & promote ease of doing business:
India's dream of becoming 'Viksit Bharat' (developed nation) by 2047 can be achieved by taking first step of checking of colonial legal laws.
Conclusion
India's dream of becoming 'Viksit Bharat' (developed nation) by 2047 can be achieved by taking first step of checking of colonial legal laws.
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- Opens with acknowledgment from credible sources
- Clear data point provided (1536 laws)
- Historical context provided
Dr. Sachin B L
Economic Governance
Regulatory Environment
Regulatory cholesterol and ease of doing business
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