Regulators Must Remain Independent But Play Role To Build Markets: Amitabh Kant
Amitabh Kant, chief executive officer of Niti Aayog, speaks during a panel discussion at the Bloomberg India Economic Forum in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)  

Regulators Must Remain Independent But Play Role To Build Markets: Amitabh Kant

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Regulators in the country must remain independent of the state but they must bear the responsibility of building the markets to make India grow, NITI Aayog Chief Executive Officer Amitabh Kant said on Thursday.

“As a policymaker, my view is that all of us as policymakers and regulators, we should continue to strive to make India easy, simple and make it grow. And that should be our basic objective.”

"The regulators must remain independent from the state. They have all the independence, but they must be responsible for building the markets and play their role in 'Make In India' drive,” Kant said at ‘The Policy Dialogues for Future India’ programme.

Speaking at the event, Junaid Kamal Ahmad, country director for the World Bank in India, said regulators should not be an extension of the state and the regulatory reforms must go hand in hand with market reforms.

MK Goel, chairperson of the Joint Electricity Regulatory Commission for Goa and Union Territories, said regulators should be allowed to regulate the entities according to their ground conditions.

He said the role of the regulators should be specific to those entities whom they regulate.

“Just implementation of government polices in a blanket manner across the board should not be the role of the regulators,” Goel added.

Competition Commission of India Chairperson Ashok Kumar Gupta said, “I think regulator has to be very dynamic in its approach. One can always interpret various sections of an Act.”

CERC Chairperson PK Pujari said electricity, power and coal sectors are government dominant industries and the end-consumer discoms are largely government entities and in between, there are private players, that is power generators. It is a challenge to strike a balance between the stakeholders, he added.

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