India needs to adopt Singapore-like models to make doing business easy: RBI

Indian government should adopt models like the one in Singapore to make doing business easy to prevent the economy from falling to new depths, the Reserve Bank of India (RBI) advised.

In its annual report for 2011-12, the RBI said lower interest rates alone would not be able to pull the economy out of disquiet, and stressed that there is a need to get rid of burdensome rules and regulations that hamper businesses.

Citing the example of Singapore, Governor Duvvuri Subbarao said, "There is a need to make doing business easy by adopting models like the one in Singapore, where multiple agencies/ministries sit together to quickly give a decision clearing investment projects."

While city-state Singapore topped the World Bank's list on ease of doing business, India is ranked at 132.

The central bank also urged businesses to aim at operating in a more competitive environment and earning normal profits within the legal and environmental framework. Businesses should not make attempts to exploit weak rules and regulation to their advantage at the cost of the taxpayers.

The report also highlighted the drag-down consequence of the twin deficits, fiscal and trade, on the economy. The report also warned that uncontrolled government spending would leave lower interest rates meaningless.

Economists have already warned that the country is facing significant risks to deficit and revenue targets.

Source: http://www.stockwatch.in/india-needs-adopt-singapore-models-make-doing-business-easy-rbi-29540

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