India’s Growth Is Threatened By Business ‘Roadblocks’ Of Bureaucracy Says John Kerry, We Should Be Worried

The Logical Indian

September 2nd, 2016

Source: indianexpress | Image Courtesy: aktifhaberci

India’s economy will only be able to maintain its impressive growth if its bureaucracy ceases to be “an expert in setting up roadblocks”, US Secretary of State John Kerry said on Wednesday at IIT-Delhi.

The Secretary was addressing a gathering of students and teachers and private sector professionals at IIT. He also said that red tape and lack of transparency in the system continues to deter entrepreneurs and foreign investors in the country. And yet India is now the world’s fastest-growing major economy.

“Even though we are witnessing impressive gains in India’s economic growth, there is still a real question as to whether we are doing so quickly enough,” said Kerry. He further said, “To meet that goal, your entrepreneurs… urgently need the freedom to pursue new ideas, the ability to start up new businesses without a lot of red tape, and access to infrastructure that makes it easier to translate fresh concepts into successful companies.”

He mentioned that the business climate in India must improve to create jobs for the 13 million people who enter the labour market every year.

“You have to have sensible regulations and anybody’s bureaucracy has to become more streamlined and effective — a partner in making decisions, not an expert in setting up roadblocks,” he said. The comments came at a time when the government is making a pitch to attract investors by promoting the “ease of doing business” in India.

“To meet that goal, your entrepreneurs… urgently need the freedom to pursue new ideas, the ability to start up new businesses without a lot of red tape, and access to infrastructure that makes it easier to translate fresh concepts into successful companies,” he said.

Narendra Modi had promised to make India a good place to do business, but still it ranks 130th in a global league table compiled by the World Bank for ease of doing business.

Corruption, heavy bureaucracy and tax regime are some of the major reasons that entrepreneurs are not being able to set up a good business in the country.

To attain the position of a developed country, India has to do away with all these. Now, the country is facing criticism by the US secretary, this is quite a setback for us that now someone is showing the truth by pointing their fingers. The government should make flexible norms to set up business and encourage young entrepreneurs.

Share your thoughts..

Related Stories

Thinking Big With Inspiring Women Entrepreneurs In India

business

Don’t Compare Ease To Business Rank With Other Years, But Focus On The Score: World Bank

world bank

Good News: India Jumps 30 Places In Ease Of Doing Business According To World Bank Report

The Startup Boom Is Over: Startups Are Dying Around The World – Including India

Tata Motors

India’s Job Crisis Gets Bigger: Tata Motors Lays Off 1,500 Managers

Start A Company In One Day

Start A Company In One Day: Ministry Of Corporate Affairs

Latest on The Logical Indian

News

3 Men Attacked By Mob For Refusing “Virginity Test” On Brides

News

Kerala: Deplorable Elephant Parade Again, Police Allegedly Keep Mum

My Story

MyStory : “I Just Taught Them A Subject, But They Taught Me Many Inspirational Lessons Through Their Life”

News

Kolkata: Scooter Rider Beaten To Death By Civic Police Volunteers For Not Wearing Helmet

News

With 11 Journalists Killed In 2017, India Goes Further Down On International Press Freedom Ranking

News

Not Just Sreejith, This Man From Kerala Has Also Been Protesting Over A Year For His Daughter’s Death