***************My Opinion************* Debate on whether to have super-regulator for the system in India, a report by FSLRC ends on nod by RBI governer. A report stating a change in the mode of operation and merging the regulators(IRDA, SEBI, FMC, PFRDA etc..) under single so called super-regulator received a disagreement from Raghu Rajan. Professor Ajay Shah(NIPFP, Delhi) disagrees with the Rajan stating not to give healthy respect to regulators and a well structured unified regulator for operation. Also, according to him, liberal democracy is not about a perfect executive interacting with perfect legislature interacting with perfect judiciary and it worked well because checks and balances delivered better results when all the three are imperfect. According to me, Indians love to make laws and are equally worse in implementing those. So, firstly a system under control is required which shows the effective implementation of laws and reforms. Secondly, if we look at the number of regulators in other successful economies (UK-2, Australia-2) and the biggest among the economies USA have 50 regulators. Also as per the mode of operation of our PM there will be more decentralized approach. So there is no surprise to see increase in number than reducing down to 2(As per FSLRC) since India never did since 30-40 years. Finally, it is not easy to eat in a single stroke whatall is served, we start eating step by step to finish...!!!! in the same way reforms are necessary but not the way FSLRC proposed. It would also be interesting to see how Arun Jetley responds to this in the coming budget...!
Posted on: Fri, 04 Jul 2014 10:18:33 +0000
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