Regulatory control must be minimised for India’s growth: M Venkaiah Naidu

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New Delhi | Updated: Oct 30, 2017 6:44 PM

Regulations should not become a strangulation, Vice President Venkaiah Naidu said today, emphasising on the need of minimising regulatory control to attract investment and ensure development in the country.

venkaian naidu, venkaian naidu on economic growth, economic growth venkaian naidu, regulatory control in indiaVice President Venkaiah Naidu. (PTI)

Regulations should not become a strangulation, Vice President Venkaiah Naidu said today, emphasising on the need of minimising regulatory control to attract investment and ensure development in the country. Addressing an event here, he said if India has to welcome investors, the ease of doing business must be considerably enhanced. “Without investment you cannot grow. You need investment. And the investment will come if the processes are made simple, if there is no harassment, if there is no corruption, then people will be happy coming to India and to invest money also,” Naidu said. He said regulatory control must be minimised and procedures should be made clear, simple and streamlined so that there is a very little ambiguity in the system. “Regulations should not become a strangulation. In all these regulations, we have so many regulators nowadays. We have too many tribunals also. But they should not become obstacles in the path of the growth and development,” Naidu said inaugurating the Vigilance Awareness Week. He said people welcomed demonetisation or remonetisation because they realised temporary pain will bring them long term gain. “There is a talk on demonetisation in the country. It should happen. It is very necessary. What were the faults in its implementation? What were the mistakes and what were not? How much money returned? How much of it is black money and white money in that? That the Reserve Bank (of India) should do at earliest,” the vice president said.

Prime Minister Narendra Modi had on November 8 last year announced ban on the use of old Rs 500 and Rs 1,000 notes. Several opposition parties including the Congress and Mamata Banerjee’s TMC have announced that they would observe the first anniversary of demonetisation as ‘Black Day’ and would hold protests across the country to highlight its “ill- effects” on the economy.

To counter the opposition protest, the ruling BJP has decided to observe the note ban anniversary as “anti- blackmoney day”. On Goods and Services Tax, touted as the biggest tax reform by the Modi government, Naidu said there may be certain shortcomings in the implementation of the GST but in the long run it is really going to improve the health of economy and going to create a very positive atmosphere.

He said the presence of strong civil society, including a free press and independent judiciary are important pre conditions for good governance. “Unless you have free press. Also if you don’t have an independent judiciary, then good governance is not possible. The role of media and civil society in fighting the menace of corruption is also very very important. Media that is objective, balanced and neutral in its reporting and ethical, has a great importance,” Naidu said.

He said those in leadership role should lead by example if development has to reach people. “If the overhead tank is clean, then only we will get clean water. If overhead tank is itself polluted and you changed the tap, replace it by platinum or gold tap, you will not get pure water. Fortunately, in our country today, overhead tank is clean,” Naidu said, referring to “corruption-free” governance under Modi regime.

He said all procedures must be standardised and citizens are informed about it in order to reduce the scope of corruption.

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