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Era of Economic Liberalisation – post 1991
Role of the State redefined
New Economic Policy – Open –
Competitive – Growth Model
Over load of regulation, laws and rules
Market driven Private Sector Participation
Investment based - Infrastructure
Development in Key Sunrise Sectors
New Regulatory Environment required
Ease of doing business – key to Investment
Make in India Initiative / Start Up India
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Reinventing Government – More Governance – Less
Government
Redefining roles, procedures, practices under New
Public Management
Public Services Reforms for greater Efficiency,
Transparency, Accountability
Competitive Market model for Delivery of Public
Services and Public Goods
Separation of Owner, Operator and Regulator of
Public Utilities / Services
Need for Independent and Fair Regulators
Need a review of regulations and laws
The Twin Triggers of Demand and Growth for India’s
New Political Economy
Right based and People First Paradigm
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Over dependence on Public Spending and
Externally funded Investment
Policy paralysis on FDI and Private Investment
Difficulty in ensuring Fair practices, open
competition and level playing field
Imperfect Markets and Big Monopolies
Weak Regulatory Framework for Contracts
and Services
Need New Laws and Mechanism for Regulators
Weak tracking systems for PPP and Big Projects
Archaic rules and regulations – plethora of laws
No Statutory requirement for RIA, SIA and EIA
Power Sector Reform – The “Captive” Regulator
 The Telecom Sector – TRAI 1997 under test for Net Neutrality
 Corporate Business and Commerce – SEBI The Paper
Regulator
 Environment – The Pollution Control Boards still the “license permit raj” Regulator
 Waste Management – The Missing Regulator
 Drugs and Medicines – The Doctored Regulator
 Food Safety / Standards – FSSAI 2015 The Toothless Regulator
 Traffic and Road safety – TABs as The Reluctant Regulator
 Higher Education – UGC The Over-regulating Regulator
 Banking Sector – RBI The Empowered Regulator
 Insurance – IRDA as the Evolving Regulator
Note – Constitutional bodies and some Centrally empowered
Authorities such as ECI, RBI and TRAI have performed better
with greater legitimacy.
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Why Regulators fail to Regulate 
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Paper Tigers – More form, less substance
Lack of Long Vision, Populism and Symbolism
Patronage Posts for retired Civil Servants
Short Term and Unfinished Reform
Lack of ownership in Aid driven Reform
Lack of independence and credibility
Frequent Policy change and uncertainty
Long and Slow Legal Process & litigation overdose
Lack of Model Code, Documentation using RIA
Lack of Accountability, Public Scrutiny, Self Audit
Lack of clear Mandate and Mission
Lack of independent evaluation/certification by RIA
Failure to enforce Rule of Law
How Regulators can do better –
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Separation of the State as Owner of Public Utilities, the Service Provider
and The Regulator
Capacity building and Training of Service Provider entities/Companies,
Regulator and Agency for RIA
RIA to enhance autonomy of Regulator for rule making, rule application,
due diligence and litigation
RIA can reduce Trust deficit – enhance credibility by using independent
agency such as CUTS for training, course correction and assessment of
design and process faults and problems in getting clearances etc.
RIA for a reality check on risks & delays and difficulties in doing business
RIA as a tool to review and assess existing laws, rules and procedures
RIA can help reduce over regulation ( The Sun-set principle )
RIA as a measure of productivity, competition and quality
RIA to measure cost benefit and certify fair and just regulation
RIA to enhance and ensure Regulatory Independence
RIA like EIA or SIA is an instrument to assess Need & Impact of Regulation
While RIA promotes Regulatory
independence, only an Independent
Regulator can truly undertake RIA
 Need to mainstream RIA and end the
License-Permit Raj culture in India
 RIA can reduce Cost of Doing Business
and enhance Ease of Doing Business in
India ( from rank 130 in 2015 to first 100 in
2016-17)
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THANK YOU
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