When it comes to making policy decisions, India still lags behind many countries that are on their way to a market economy. Way too many decisions are shortsighted and political in nature.
A few regulatory bodies, like TRAI (Telecom Regulatory Authority of India), IRDA (Insurance Regulatory & Development Authority) and RBI (Reserve Bank of India) serve as great examples. But unfortunately the ones I mentioned are the only ones around. It would be great to see more that can be cited.
India desperately needs similar bodies to handle infrastructure, especially road and mass transit. The sooner it happens the faster we will be on track for a longer above 10% growth phase.
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