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Chief Economic Adviser Ananth Nageswaran advocates for a larger role of the private sector in driving domestic economic growth by reducing government control.
Nageswaran suggests increasing the investment rate to 35% of GDP from the current 31% to achieve higher growth, with a focus on improving investment efficiency.
He proposes easing rules and regulations to reduce compliance costs and increase economic freedom for small industries, which will encourage innovation and entrepreneurship.
Nageswaran recommends deregulating sectors like agricultural marketing, pollution control, and labor codes, as well as reducing electricity tariffs for industries.
He argues that incremental deregulation and sector-specific liberalization would create a positive ripple effect, promoting growth and employment.
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