Reserve Bank Governor Raghuram Rajan on Thursday favoured finding a better way of going through the thicket of rules and regulations especially in environment clearance so that projects are not stalled endlessly.
“The fact is that we need to respect environmental rules. But that does not mean we delay projects. Let’s make regulations better, not less not more but which is relatively easy to enforce,” he said delivering the 8th RN Kao Memorial Lecture organised by Research and Analysis Wing (RAW) here.
He said this was a task that needed a lot of work which he hoped the next government will do. He also referred to a combination of factors like democratic forces, NGOs and CAG that had stepped in when development was going in one direction.
“We need to do it in a better way. It doesn’t mean we stop growth,” he said adding clearances in the name of environment should not go on say for five years or more. Speaking about the economy, Rajan said in the years to come the measure of country’s economic success should be the jobs that are created not by government subsidies and protection to labour intensive industries or sectors, but by facilitating competitive environment that will encourage efficiency and creativity.