Regulatory Institutions in India: Some Issues
Conventional market wisdom based on excessive deregulation received a rude shock in the US financial meltdown of 2008. The pre-reform period of India presents another pattern in which excessive regulation became a deterrent in attracting private investment in many sectors. These contrasting patterns provide an opportunity to reflect on regulatory mechanisms in the Indian post-reform economic scenario. One critical element in the functioning of regulatory institutions is their independence and autonomy. Due to non-separation of policy making, regulatory and operating functions a few regulatory agencies have been reduced to the status of subordinates to line ministries. Flip-flop decisions on a number of key issues by TRAI and IRDA constitute another problem. There has been overlapping of functions, among regulators, leading to disputes. The federal government has pounced on the opportunity to create a super-regulator in the financial sector, headed by the Finance Minister. The move attracted stringent criticisms. Western perspectives on regulation do not often provide helpful guidelines to the Indian policy scenario in which the power of the government is of an extensive magnitude to influence policies and the course of development of a sector. Another tendency unique to the Indian context relates to the difficulty of shutting down regulatory institutions when they are no longer functionally relevant. The record of the various regulatory agencies presents a mixed picture. Overall they have not been highly effective. Improvement of the procedures of regulation and other aspects of regulatory reform would help to take the market-led economies forward.
Regulation Stakeholder Autonomy Sunset clause
C. V. RAGHAVULU
Formerly on the faculty of Political Science & Public Administration, Acharya Nagarjuna University, Guntur 522 510 AP, India
国际会议
2012 International Conference on Public Administration(8th)(2012年公共管理国际会议 ICPA)
印度海德拉巴
英文
133-140
2012-10-25（万方平台首次上网日期，不代表论文的发表时间）