Indian regulatory framework needs alignment: ITC

Kolkata, July 31 (IANS) India’s regulatory framework needs alignment to make the nation globally competitive, and policies and procedures should ensure entrepreneurial initiative is not curbed, ITC Chairman Y.C. Deveshwar said here on Friday.

“Whilst much is being done in terms of ease of doing business, it is equally important to create a shared vision of responsible competitiveness among the regulators and developers of industry,” Deveshwar said during the company’s Annual General Meeting.

He said the regulatory policies so long have been created in silos and one objective has been sacrificed to promote another to develop the economy and promote entrepreneurship in the country.

“Policies and procedures must be unambiguous, simple and transparent. They should discourage arbitrary regulatory action in the field, thereby not curbing entrepreneurial initiative,” the official said.

“Every regulatory framework must answer the primary question – will it help in making India globally competitive.”

Deveshwar said the composition of India’s external trade highlights the lack of its competitiveness in the international domain and brands within the country needs to be built first.

“I truly believe that the Make in India vision will be significantly reinforced when national champions (Indian-origin companies which are globally competitive) create winning Indian brands,” the industry veteran said.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here