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India's economy - oil the nuts and bolts By Kaushik Basu Professor of economics, Cornell University In Singapore, if you wish to set up a new business, the time it will take you to get all the clearances and get started is 8 days. In Hong Kong it would take 11 days. In India it takes 88 days.
Purely in terms of time, let alone the costs of clearing the legal and bureaucratic hurdles and the pressure on the heart, it cannot be easy starting a private business in India. If government can seize this opportunity and fix the nuts and bolts, it can have a lasting effect on the well-being of the citizenry.
India's key business goals - your views If, after you do get started, your firm runs into a dispute over contract violation, the time that it will take to have the contract enforced is one year in India, days in Hong Kong and 50 days in Singapore.
But the real catch in India is not with starting or running a business. It is with getting out of it. If a firm becomes insolvent, in Hong Kong it takes one year to clear all formalities and close the firm; in Singapore less than seven months; and in India a little over 11 years.
Little wonder that Singapore and Hong Kong have new businesses springing up all the time and economies that have been surging ahead. Holding forth In India, politicians and their economic advisers spend a lot of time holding forth on the grander issues of the economy, like privatization and monetary policy.
The new government has pledged to help the poor But each of the three matters pertaining to private business that I mentioned above relates not to these grand policy issues, but to the nuts and bolts of the economy. Of course, the grand policies are important and I will turn to one of them presently.
But what is often overlooked is that the success of a nation depends also on what happens to these small things. Between the new prime minister and the finance minister, India now has an unparalleled professional team at the head. If people can find reward for their enterprise, rely on contracts and promises, and pay their bills and taxes without having to battle a labyrinthine bureaucracy, then government would not have to shoulder the burden of driving the economy.
It would run on its own steam. Anti-corruption drive My recommendation to the new government would be for it to concentrate on a few things and do these well.
It must be remembered that the ultimate reason for growing faster is to help the poor First, make a fetish of efficiency. Study the legal and bureaucratic structure that causes delays in the tasks that ordinary people do paying taxes and bills, starting a small business, resolving a dispute and streamline the procedures so as to cut down the task-time not by a little but to maybe one-tenth of what it takes now.
Second, go on an all-out drive to control corruption. This will need intelligence and professional input. In the past, India has gone about this so ham-handedly that it has brought certain industries to a virtual halt by creating endless regulations that often have no perceptible effect on corruption.
The design of corruption-control has to be crafted very carefully, but if top functionaries of government are determined, corruption can be brought down substantially, and this should help industry rather than hinder it.Nuts and Bolts Media may transfer, sub-contract or otherwise deal with Nuts and Bolts Media’s rights and/or obligations under these terms and conditions without notifying you or obtaining your consent.
The Nuts and Bolts of Illinois’ Child Support Laws. Produced on: June 11, Course Format On Demand Audio. Taught by. Categories: Course Description. Time 62 minutes Difficulty Beginner. This program, presented by family law attorney Timothy Daw of Schiller DuCanto & Fleck LLP, will cover the historical and current child support.
What does a comprehensive and enforceable lease look like? This panel will discuss how to get the most out of your lease, without drafting a page contract.
The Nuts and Bolts of Contract Management. Nov 30, PM - PM Charles Hayes Family Investment Center (FIC), Cisco Lab - S Wabash, Chicago. Meanwhile, the nuts and bolts of the contract dispute between the city and its firefighters’ union could be decided today during an “interest arbitration hearing.”.
Publications Branding: The Nuts and Bolts of Creating and Protecting a Company Logo. Aug 17, First published in the Hawai‘i Bar Journal (the official publication of the Hawai‘i State Bar Association), August Edition. Module 1: Nuts & Bolts of Market Management Unit Fair & Enforceable Rules UNIT OVERVIEW This unit will emphasize the concepts associated with the creation and enforcement of fair and enforceable rules for your farmers market.
Fair and enforceable rules are the first step in ensuring that your vendors understand how and why the market.