Prime Ministers Start Up scheme will bring changes: Raghuram Rajan
Posted on: 25/Jan/2016 12:00:59 PM
Reserve Bank of India`s Governor Raghuram Rajan has mentioned that Prime Minister`s Start Up scheme which is to motivate small industries will being change. The RBI chief is in Davos to attend the World Economic Forum. While speaking to the media, he said, Economic reforms in India are going in the right direction. The direction is the right one. The level is wrong. We have too much of the wrong kind of regulation and too little of the right kind of regulation. So we do need to hew away at this, and it will take time, it doesn`t happen overnight. We are doing it. We do recognise that we over regulate. That business needs a better environment.
At the same time there are a whole set of new businesses coming in that we have to find ways to deal with. For example we can take goods and services tax. There`s now a goods and services tax which is likely to unify the country. That`s stuck so far in some Parliamentary discussion between the opposition and the government. Hopefully it will be done sooner rather than later. But really there`s a lot going on the ground which is less obvious. For example last week the Prime Minister inaugurated a programme called Start Up India which is about really eliminating the bureaucratic hurdles of starting new business. This scheme will being lots of changes and will be a great success.
