NEW DELHI: Regulations should not become a strangulation, Vice President Venkaiah Naidu said today, emphasising on the need of minimising regulatory control to attract investment and ensure development in the country.
Addressing an event here, he said if India has to welcome investors, the ease of doing business must be considerably enhanced.
“Without investment you cannot grow. You need investment. And the investment will come if the processes are made simple, if there is no harassment, if there is no corruption, then people will be happy coming to India and to invest money also,” Naidu said.
He said regulatory control must be minimised and procedures should be made clear, simple and streamlined so that there is a very little ambiguity in the system.
“Regulations should not become a strangulation. In all these regulations, we have so many regulators nowadays. We have too many tribunals also. But they should not become obstacles in the path of the growth and development,” Naidu said inaugurating the Vigilance Awareness Week.
He said people welcomed demonetisation or remonetisation because they realised temporary pain will bring them long term gain.
“There is a talk on demonetisation in the country. It should happen. It is very necessary. What were the faults in its implementation? What were the mistakes and what were not? How much money returned? How much of it is black money and white money in that? That the Reserve Bank (of India) should do at earliest,” the vice president said.
Prime Minister Narendra Modi had on November 8 last year announced ban on the use of old Rs 500 and Rs 1,000 notes.
Several opposition parties including the Congress and Mamata Banerjee’s TMC have announced that they would observe the first anniversary of demonetisation as ‘Black Day’ and would hold protests across the country to highlight its “ill- effects” on the economy.
To counter the opposition protest, the ruling BJP has decided to observe the note ban anniversary as “anti- blackmoney day”.(Agencies)
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