Economic Survey 2023 Advocates Regulatory Reforms and Professional Cadre for Enhanced Business Environment
In a world grappling with global challenges and increasing uncertainty, the Economic Survey 2023 has strongly endorsed a series of reforms aimed at bolstering India's economic framework. The survey places particular emphasis on the role of regulatory entities and the urgent need to create a dedicated cadre of professionals who are skilled in regulatory design and implementation. This move is seen as a critical step towards significantly improving the ease of doing business in the country, making it more attractive for both domestic and international investors.
Chief Economic Adviser Highlights Importance of Process Reforms
V Anantha Nageswaran, the chief economic adviser and author of the survey, underscored the significance of policy and process reforms in shaping the economic landscape. He stated, "Policy reforms do matter. Process reforms arguably more so. Processes define the interaction between government and the governed. So, they make all the difference to the success or failure of policy intent and reforms. The signs are very promising." Nageswaran's remarks highlight a shift in focus from mere regulatory control to enabling mechanisms that foster growth and innovation.
State-Level Initiatives and Reimagining State Capacity
The survey points to the deregulation and smart regulation initiatives undertaken by various states over the past year as grounds for optimism. Nageswaran elaborated in the preface to the report, "The deregulation and smart regulation initiatives undertaken by states in the last year, in particular, provide ample grounds for optimism that the state machinery is capable of reinventing itself and its mission, shifting from regulation and control to enabling. Together with the Union government's economic reforms and other policy initiatives, this signals that the state understands the significance of the challenge and the need to rise to it." This perspective calls for a comprehensive reimagining of state capacity across all dimensions to meet contemporary economic demands.
Addressing Human Resource Gaps and Institutional Recommendations
A key finding of the survey is the persistent gap in the availability of human resources equipped to ensure the efficient functioning of a market economy. To bridge this gap, the survey recommends:
- Establishing schools of regulatory studies, either as new stand-alone institutions or as additions to existing educational bodies.
- Attracting professionals at a younger age to pursue dedicated careers in regulatory bodies and tribunals, thereby building sustained expertise over time.
These measures are aimed at creating a robust pipeline of talent that can navigate complex regulatory environments and drive economic progress.
Streamlined Approval Processes and Institutional Accountability
For an economy aspiring to achieve developed country status, the survey emphasizes the necessity of a streamlined, single-tier approval process. Coupled with institutional accountability for any lapses, this approach is deemed essential for reducing bureaucratic hurdles and enhancing operational efficiency. By simplifying procedures and ensuring transparency, India can accelerate its growth trajectory and foster a more conducive business climate.
Overall, the Economic Survey 2023 presents a forward-looking vision that combines regulatory reforms, professional development, and process improvements to strengthen India's economic foundations and support its long-term development goals.
