Searching for the missing link: WTO and agricultural negotiations?

Nidhi Singh March 21, 2017 I PROLOGUE:  AGRICULTURAL NEGOTIATIONS AT THE WTO SO FAR                  An attempt to liberalize agricultural trade and incorporate it into the General Agreement on Tariffs and Trade (GATT) framework was made for the first … Continue reading Searching for the missing link: WTO and agricultural negotiations?

Regulatory Impact Analysis: Hopefully, a prelude to ‘Make in India’

In view of the new ‘Make in India’ agenda of the Modi government, Aparajita Bharti argues for the adoption of the Regulatory Impact Analysis, a global practice to evaluate the costs and benefits of a proposed/existing regulation, that has also found favour in Planning Commission and other governmental reports.

With the new government in the driving seat and ‘Make in India’ high on its agenda, improving the regulatory environment for business is a top priority. This is, therefore, a golden chance for the government to introduce in India the practice of Regulatory Impact Analysis (RIA), which is followed worldwide to assess the costs and benefits of a proposed or an existing regulation.

The 12th five yearindiaproduction plan (2012-2017) recommends the employment of RIA for both existing and future regulations that impact the business environment in India. RIA enables the governments to judge the efficiency of the proposed regulatory framework in creating a more competitive market vis-à-vis the compliance and enforcement costs that it puts on businesses and the governments. In some countries, RIA also includes an evaluation of other regulatory options (including self regulation) to judge the most effective way in which a near perfect market can be delivered to the consumers at the lowest cost. RIA is considered an important activity as it exposes compliance and other costs arising out of the new regulations, which are ultimately passed on to the consumer. It enables the governments to weigh these costs against the benefits that accrue to the consumers as a result of the regulation. Although RIA may come across as expensive, however, in the long run, it saves huge costs that are incurred because of an inefficient regulatory framework. Continue reading “Regulatory Impact Analysis: Hopefully, a prelude to ‘Make in India’”

Revenue Foregone statement: Reading between the lines

Rohit Sinha

taxWith the Budget presented, the debate on revenue foregone by the government in the previous financial year has resumed once again. The statement of revenue foregone presented for the first time in 2006-07 union budget rightly deserves as much commendation for promoting better transparency in government finances, as a cause for bitter arguments in parliament on tax administration.

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The 2012 wave of economic reforms: A Comparative analysis with 1991

Raphael Sujith

Since its independence in 1947, Indian economy’s growth had been slow till 1990. The country was largely isolated, at times intentionally, from the rest of the big markets. Due to its huge size, lack of visionary leaders in national economics, administrative red tapes etc. India’s dream for self-reliance remained far. The first major push for economic reforms came in 1991 when Dr. Manmohan Singh took charge of the Finance Ministry under Prime Minister Narasimha Rao.

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