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With globalization in retreat and global growth impulses weakening, how can Indiaâs economy sustain a pace of 8% expansion for at least a decade? As Economic Survey 2024-25 notes, thatâs what Viksit Bharat would need. Its most notable prescription, thus, is deregulation. Business activity should not be micromanaged and governments in general would do well to âget out of the way”.Â
Also Read: Economic Survey 2025 is worth preserving for this one piece of advice
This isnât easy, it admits, but also argues itâs like âpeeling an onion”: after a layer of needless rules are removed, others come into view and get easier to peel. And small actions can set off a âbutterfly effect” to yield big gains for business competitiveness and growth.Â
Small enterprises, especially, are in greater need of a lower compliance burden. In a chapter dedicated to this project, states are urged to ease rules related to legal matters, land, labour, utilities, transport, logistics and more. It offers a handy table of laws that need review for the ease of doing business.Â
Also Read: V. Anantha Nageswaran on the Economic Survey: A new order is forming before our eyes. We have a shot at shaping it.
All this is in keeping with Prime Minister Narendra Modiâs âminimum government, maximum governanceâ slogan. As Chief Economic Advisor V. Anantha Nageswaran says in the surveyâs preface, to succeed we must âwork towards giving people back their agency and enhancing the economic freedoms of individuals and organisations.” As a pile of evidence indicates, this should deliver âentrepreneurship, investment, innovation and growth.” Indeed. Itâs the way ahead.
Also Read: Budgeting for growth
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