Arvind Panagariya says India's permission raj impedes investment and growth
Arvind Panagariya, head of the 16th Finance Commission, says India has moved on from the old "Licence Raj," but is still caught up in a "Permission Raj," where businesses need too many approvals to get started.
He believes this red tape is holding back both local and global investment and stresses that regulatory reforms are key for growth and making it easier to do business.
Arvind Panagariya calls for regulatory reform
Panagariya appreciates how digital tech has made life smoother for everyone, but points out that regulations haven't evolved as quickly.
He urges policymakers to really listen to entrepreneurs' struggles with all the bureaucracy:
Arvind Panagariya said feedback from entrepreneurs about the complexity of regulations and permissions should be taken seriously.
He says regulatory reform is needed to sustain growth momentum.