National Investment Board, a super board is expected to be created soon — proffers Mr. Montek Singh Ahluwalia . “Most of the ministries now agree to the proposal”.
The news comes in the wake of World Bank placing India in the 132nd position out of the 185 countries surveyed for the “ease of doing business”. India is considered as one among the worst destinations for investors. It is a reality that the rate of flying out of investments is growing in India. This happens when the regional neighbors of India are improving their ranks up in the index.
The proposed NIB is expected to fill the atmosphere with the required amount of positivism, so that inflows will happen uninterrupted. The suggested role of the super board will not be limited with simply attracting investments; it will also function as a coordinator between the various ministries. NIB would be an empowered mediator who could make the proposals and projects happen.
The current situation is pathetic. Policy paralysis is the greatest hurdle. Projects reach ministries and many of them do not pass due to simple bottle necks. There is no proper follow up for the projects. Hence many of them get scrapped and ignored in their initial stages it. Investors fly back. Outcome — economic growth crumbles.
If properly implemented, NIB will work as organizer between the different ministries. It can work as an empowered mechanism to build consensus among conflicting ministries. When India aspires to join the elite club of developed nations, there is an urgent need to remove obstacles in the path of its growth.
Atmosphere shall be at ease for doing business.