New Delhi: Chief Economic Advisor Arvind Subramanian said on Thursday that economic and political systems in India have “not developed maturity” for nuanced interventions and tend to take recourse to bans and restrictions.
“Our economic and political system has still not developed the maturity to have finely calibrated interventions for problems. We have recourse to blunt instruments, bans, restrictions etc. In the areas of competition policy, I think we need to have nuanced intervention wherever problem arise,” he said.
He voiced concerns that judiciary has acquired more authority and the society has become highly litigious and vouched for independent regulatory institutions that are free from political interference.
“Anything happens and it goes to litigation and appeal. So we have become a highly litigious society. “Everything is going to appeal and courts. The judiciary and the judicial type bodies have acquired much more authority and power than the legislators,” he said at an event.
In such scenario, he added, there is a need to find ways to expedite the process of taking and implementing decisions. “There is this feeling that finally everything has to be adjudicated by the courts and the Supreme Court in particular. So, we are kind of getting a funnelling of decision making and its getting getting jammed and blocked,” he said. “So how do we make our country less litigious and how do we expedite things. I think, these are the challenges for all,” he said.
