Rethinking Regulation: India's Path to Inclusive Development

The Economic Survey 2024-25 advocates for trust-based regulation in health and education, emphasizing voluntary compliance with transparency. It highlights the importance of rural infrastructure and inclusive development, suggesting that regulatory bodies balance societal needs and service provision while focusing on efficient outcome delivery.

The Economic Survey 2024-25 calls for a shift towards trust-based regulation, especially in health and education. It suggests reducing regulations or making compliance voluntary along with transparency, where the market can regulate effectively. This move aims to alleviate compliance burdens on overstretched state resources.

The survey underscores the government's commitment to enhancing rural infrastructure, housing, and livelihoods, reflecting a holistic 'welfare for all' approach. By improving connectivity, sanitation, housing, access to drinking water, and social inclusion, these initiatives aim to ensure inclusive development and uplift rural communities.

Furthermore, it suggests that regulatory bodies must adapt to societal needs while fostering efficient service provision. It emphasizes the necessity of evolving regulatory institutions to improve outcomes without focusing excessively on inputs, to fully realize India's demographic dividend in the coming years.

(With inputs from agencies.)