Regulation and Development

Sharad Marathe, economist and senior member of India's Economic Service, documents how the original content and purpose of various industrial policy initiatives in India were rendered impotent by the maze of detailed regulations. The result has been the evolution of a rigid system which drastically curtails the degree of competition and the scope for innovation. Marathe argues eloquently that the recent political changes in India and the emerging signs of economic resilience provide a rare opportunity for a major overhauling of the system.