JOIN USChief Economic Adviser Arvind Subramanian on Friday used the metaphor of ‘Chakravyuha’ from the Mahabharata in connection with Indian entrepreneurs’ spirit to start a business venture, but not to exit.
“India has made great strides in removing the barriers to the entry of firms, talent, and technology into the Indian economy. Less progress has been made in relation to exit,” said the Economic Survey 2015-16, authored by Subramanian.
He further expressed his desire for the bankruptcy, land and labour laws to be expedited to facilitate the exit.
He said the most powerful reason for the lack of exit is the power of vested interests and said direct policy action was needed. “One way, which the government is actively considering, is to reform the Prevention of Corruption Act, differentiating cases of graft from those of genuine errors of decision-making,” he said, in the survey, which has devoted a full chapter on ‘Chakravyuha Challenge of Indian Economy’.
It laid emphasis on early-life health and education of a child for nation building. The survey incorporated a chapter called ‘Mother and Child’, which said, to maximise long-run economic growth, the government must invest on low-cost maternal and early-life health and nutrition of a child. “Investing in tomorrow’s India Today,” it was termed in the survey.