In 1985, the UK corporatized its Royal Ordnance Factories, the precursor to the OFB. Despite this clear model, India decided to corporatize OFB only in 2020, under Prime Minister Narendra Modi, highlighting the challenges of policymaking.
Another example is the protracted journey of India's data protection law, which has been under discussion since 2015 but remains unimplemented after nine years.
Policymaking's inherent complexities can sometimes delay decision-making, impacting overarching development objectives. By addressing these challenges, we can enhance the quality of public policy, driving meaningful change and ensuring sustained long-term growth.
However, resistance to change poses a significant challenge to effective policymaking. Individuals, organizations, and communities resist change due to fears of job loss, financial risk, or loss of influence. For instance, labour unions opposed computerization out of job security concerns. The older a practice, the more entrenched these interests, making reforms harder.
Government policy changes are further complicated by an entrenched culture of extensive documentation—laws, rules, executive instructions, and circulars. This documentation reinforces the status quo and creates a cascading effect, forming an intricate web of interdependencies. Each document often references others, which in turn spawns additional documentation. This interconnectedness creates a complex system where any modification can have ripple effects across several others, the full extent of which is often unclear. Artificial intelligence (AI) models should be developed to analyze government regulations and identify all potential interconnections arising from policy changes.
この記事は Business Standard の November 08, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Business Standard の November 08, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Industry bodies urge FinMin to ease TDS rate structure
Proposal seeks to lessen compliance burden on taxpayers and avoid litigation
After SC rap, Centre doubles penalty for stubble burning
Burning issue
Proactively made all disclosures, recusals: Sebi WTM on Cong's charges
Ananth Narayan, whole-time member (WTM), the Securities and Exchange Board of India (Sebi), has responded to allegations of conflict of interest due to personal investments.
Market regulator may water down skin-in-game rules for MF executives
The Securities and Exchange Board of India (Sebi) has shown intent to relax the skin-in-the-game norms applicable to senior executives of the mutual fund (MF) industry.
MSCI adds 5 Indian stocks to key index
MSCI added five Indian companies to its Global Standard Index late on Wednesday, a move that brokerage Nuvama said would lift the country's weighting on the index to 20 per cent, further narrowing the gap with China.
Trump's triumph: Will bulls run amok and gold, silver sparkle?
Top brokerages highlight opportunities, risks, and contradictions the new administration may offer
REIMAGINING ROLE OF AGRICULTURE
In the changed context of economic development, agriculture is seen playing a much larger role than perceived in the dominant thinking in development economics
Inside the world of mad billionaires
Two things about this book and its authors. One, this is the most unputdownable non-fiction that I have read this entire year.
Funding education
Easy financial assistance is not enough
Policy approach
RBI is acting selectively and with care