Time for supportive policy environment
Investment in India, which had lost the steam due to policy paralysis during the UPA regime, is apparently gaining momentum under the current NDA Government. The Narendra Modi Government’s approach to set the Indian economy on a high growth trajectory has triggered a new hope among investors both inside and outside India. However, to bolster the confidence of investors the Government should look into challenges being faced by the industries concerned while drafting new policies or amending the existing ones.
With Bureaucracy Today becoming an influential and credible medium for the corporate sector to make its voices heard to policy-makers, industry leaders approached us for a platform to reach out to the Government.
Our Cover Story reflects the sentiments of the medical devices industry at a time when the Drugs and Cosmetics (Amendment) Bill, that seeks a specific set of acts and rules for the sector which has been making demand for the last 60 years, is under the consideration of the Parliamentary Standing Committee. Medical devices manufacturers feel that their demands are not fully met in the draft Bill and through Bureaucracy Today they urge the policy-makers to consider their views before the Bill becomes law.
Vodafone, which recently got a breather from the Bombay High Court in the much-talked-about Rs 3,200 crore income tax dispute, shares with Bureaucracy Today the challenges of doing business in India and its expectations from the Modi Government.
In this issue, we also have the real estate sector airing its grievances and making an attempt to draw the Government’s attention towards its problems. Also, the Indian Paper Manufacturers Association expresses concern over the decline in the industry’s growth in the current fiscal and urges the Government to abolish import duty on wood and bamboo, while the Bihar Industries Association through our magazine wants the State Government to bring amendments in its industrial policy.
We hope that the policy makers will consider the concerns of the industry stakeholders which would not only unlock the investment logjam but also empower bureaucrats to make quick, efficient, and transparent decisions, thereby removing impediments to higher growth.