Archaic laws impeding growth

Archaic laws impeding growth

The Russian economic model adopted by the India post its independence and outdated laws of the British colonial era are decelerating growth of the country's economy, avers
RP Gupta, Chairman cum Managing Director, Shiva Cements.
We should come out of the syndrome of Russian economy model that we adopted after Independence. We must treat all productive assets as national assets, irrespective of ownership," said Gupta. In his book titled Turnaround India', released by Narendra Modi, Chief Minister, Gujarat, Gupta stresses on the necessity of regaining nine per cent economic growth for removing poverty, creating jobs and setting right the macro economic parameters. Blaming domestic reasons for the current reversal in growth, the book recommends simplifying legal frame work which is influenced by old British colonial rule. On tackling inflation, Gupta says it cannot be controlled by monetary tools alone. Economic efficiency of the country has to be improved as this will help remove supply constraints and reduce cost at consumers' level. Economic efficiency does not depend upon producers alone; rather it depends upon the whole gambit of policy, regulations and economic environment. Improvement of efficiency will also help reducing trade deficit and strengthening rupee value. he adds.

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