Amitabh Kant Criticizes Regulatory Compliance Burdens in India

Former G-20 Sherpa Amitabh Kant highlighted the high regulatory compliance burdens in India, urging for a shift from a 'socialist mindset' to enable growth. Kant emphasized the need for regulatory reforms to promote innovation and job creation, advocating for impact assessments and restructuring of Indian regulators.

In a strong critique of India's regulatory framework, former G-20 Sherpa Amitabh Kant pointed out the burdensome compliance requirements hampering Indian enterprises. Speaking at an event, Kant lamented the persistence of a 'socialist mindset,' urging for reforms that enable rather than control economic growth.

Kant, who also led the Niti Aayog, called for a transformation of regulatory practices into instruments that foster trust and transparency. He warned that achieving the ambitious USD 30 trillion GDP goal is unattainable under the current stringent regulations.

A key part of Kant's proposition includes restructuring regulatory bodies, implementing sunset clauses, and fostering innovation by allowing more autonomy in rule-making processes, all aimed at driving India's growth narrative forward.