Streamlining Regulations: A Path to India's Economic Growth

Chief Economic Advisor V Anantha Nageswaran advocates for rolling back regulations to give entrepreneurs and households back their time, fostering innovation and competitiveness. He warns that current extensive compliance requirements hinder growth, urges trust, and highlights India's dependency on Chinese supply chains for solar energy components.

Chief Economic Advisor V Anantha Nageswaran has advocated for significant regulatory rollbacks to ease the burden on entrepreneurs and households, arguing that freeing up time and mental bandwidth is crucial for innovation and enhancing competitiveness.

In the Preface of the Economic Survey 2024-25, Nageswaran emphasized that governments should 'get out of the way,' allowing businesses to focus on their core missions. He urged a shift in regulatory policies from 'guilty until proven innocent' to 'innocent until proven guilty.'

Nageswaran also highlighted India's challenges, such as low production capacity in critical sectors like solar energy, which highly depend on Chinese supply chains. Despite these challenges, he expressed confidence in India's economic growth trajectory, citing strong corporate and financial sectors.

(With inputs from agencies.)