2.  Era of Economic Liberalisation – post 1991  Role of the State redefined  New Economic Policy – Open – Competitive – Growth Model  Over load of regulation, laws and rules  Market driven Private Sector Participation  Investment based - Infrastructure Development in Key Sunrise Sectors  New Regulatory Environment required  Ease of doing business – key to Investment  Make in India Initiative / Start Up India

3.  Reinventing Government – More Governance – Less Government  Redefining roles, procedures, practices under New Public Management  Public Services Reforms for greater Efficiency, Transparency, Accountability  Competitive Market model for Delivery of Public Services and Public Goods  Separation of Owner, Operator and Regulator of Public Utilities / Services  Need for Independent and Fair Regulators  Need a review of regulations and laws  The Twin Triggers of Demand and Growth for India’s New Political Economy  Right based and People First Paradigm

4.  Over dependence on Public Spending and Externally funded Investment  Policy paralysis on FDI and Private Investment  Difficulty in ensuring Fair practices, open competition and level playing field  Imperfect Markets and Big Monopolies  Weak Regulatory Framework for Contracts and Services  Need New Laws and Mechanism for Regulators  Weak tracking systems for PPP and Big Projects  Archaic rules and regulations – plethora of laws  No Statutory requirement for RIA, SIA and EIA

5.  Power Sector Reform – The “Captive” Regulator  The Telecom Sector – TRAI 1997 under test for Net Neutrality  Corporate Business and Commerce – SEBI The Paper Regulator  Environment – The Pollution Control Boards still the “license - permit raj” Regulator  Waste Management – The Missing Regulator  Drugs and Medicines – The Doctored Regulator  Food Safety / Standards – FSSAI 2015 The Toothless Regulator  Traffic and Road safety – TABs as The Reluctant Regulator  Higher Education – UGC The Over-regulating Regulator  Banking Sector – RBI The Empowered Regulator  Insurance – IRDA as the Evolving Regulator Note – Constitutional bodies and some Centrally empowered Authorities such as ECI, RBI and TRAI have performed better with greater legitimacy.

6. Why Regulators fail to Regulate -  Paper Tigers – More form, less substance  Lack of Long Vision, Populism and Symbolism  Patronage Posts for retired Civil Servants  Short Term and Unfinished Reform  Lack of ownership in Aid driven Reform  Lack of independence and credibility  Frequent Policy change and uncertainty  Long and Slow Legal Process & litigation overdose  Lack of Model Code, Documentation using RIA  Lack of Accountability, Public Scrutiny, Self Audit  Lack of clear Mandate and Mission  Lack of independent evaluation/certification by RIA  Failure to enforce Rule of Law

7. How Regulators can do better –  Separation of the State as Owner of Public Utilities, the Service Provider and The Regulator  Capacity building and Training of Service Provider entities/Companies, Regulator and Agency for RIA  RIA to enhance autonomy of Regulator for rule making, rule application, due diligence and litigation  RIA can reduce Trust deficit – enhance credibility by using independent agency such as CUTS for training, course correction and assessment of design and process faults and problems in getting clearances etc.  RIA for a reality check on risks & delays and difficulties in doing business  RIA as a tool to review and assess existing laws, rules and procedures  RIA can help reduce over regulation ( The Sun-set principle )  RIA as a measure of productivity, competition and quality  RIA to measure cost benefit and certify fair and just regulation  RIA to enhance and ensure Regulatory Independence  RIA like EIA or SIA is an instrument to assess Need & Impact of Regulation

8.  While RIA promotes Regulatory independence, only an Independent Regulator can truly undertake RIA  Need to mainstream RIA and end the License-Permit Raj culture in India  RIA can reduce Cost of Doing Business and enhance Ease of Doing Business in India ( from rank 130 in 2015 to first 100 in 2016-17)

9. THANK YOU