New Delhi, Apr 11: Strong, impartial and effective regulatory framework would help India achieve a developed nation status by 2020, leading NGO Cuts said here today. "The role of an impartial and effective regulatory framework overseeing free markets is becoming increasingly important. This is a crucial institutional infrastructure which has to be properly built up if we have to reach anywhere near the goal of achieving a developed country standard by the year 2020," Cuts centre for competition, investment and economic regulation said in a discussion paper.
It observed that currently the regulatory framework in the country is not encouraging due to lack of capability and failure to gain confidence of major stakeholders.
"Over the past few years, we have seen that not only the ministry concerned, but also the PMO had to intervene in the affairs that should have been handled at the regulator's level. A frequent happening of such incidents shows there is something wrong somewhere," the study noted. Cuts has welcomed the adoption of competition law to create a market regulator which has an important bearing for the sectors of the economy.
Bureau Report