August 21 st, 2014 Deboshree Banerji, CUTS International Facilitating the Adoption of Regulatory Impact Assessment (RIA) Framework in India 1.

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Presentation transcript:

August 21 st, 2014 Deboshree Banerji, CUTS International Facilitating the Adoption of Regulatory Impact Assessment (RIA) Framework in India 1

Outline CUTS Project on RIANeed for the projectNeed to Assess Impact of LegislationsWhy financial sector?Key ActivitiesExpected OutputsExpected Outcomes 2

About the Project Genesis of CUTS work on regulatory reform: India Competition and Regulation Report (2007 – 2013) Working group on Business Regulatory Framework: Knowledge Partner Draft Regulatory Reform Bill Objective: Enable the central government and certain regulatory authorities to be in a position to adopt RIA framework for improving economic governance in India Activity: Undertaking RIA in Insurance and Banking sectors (Primary Laws) Time Frame: July 2014 – March

Create evidence: Design and implement RIA tool Generate demand: Highlight benefits, awareness and advocacy programs Ensure supply: Focused training and capacity building Sectors: Banking and Insurance related primary laws About the Project (Contd…) 4

Need for the project Indian regulatory governance processes have become outdated Stakeholders are not regularly consulted while policy making, and there is no formal policy review mechanism. Resulted in a loss of investor confidence and barriers to economic growth. RIA is an appropriate remedy for this situation participatory approach to assess impact of regulations determine costs and benefits select the most appropriate policy alternative Ensures greater clarity and predictability in regulatory process 5

Need to Assess Impact of Legislations Key for Efficient Regulation – Striking the Right Balance 1. Independence 2. Transparency 3. Predictability & Stability 4. Cost-effectiveness 1. Accountability 2. Commercial sensitivity 3. Adaptability 4. Detail - Oriented 6

Why Financial Sector? Inadequate access to financial services Lack of competitive neutrality Lack of objective clarity Accountability issues 7

Key Activities Constitution of National Reference Group Literature review and desk research Preliminary stakeholder surveys Two Focused group discussions for government/regulators and industry Combined stakeholder forum Two national level advocacy seminars Four training/capacity building sessions 8

Expected Outputs Two Research Reports Customised RIA Toolkit Two policy briefs on sector specific recommendations Briefing paper on process and benefits of RIA Consolidated project report Newspaper Articles 9

Expected Outcomes  Advocate adoption of RIA framework by Central government Regulatory authorities  Cadre of individuals equipped to undertake RIA 10

Thank You 11