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Facilitating the Adoption of Regulatory Impact Assessment (RIA) Framework in India

Facilitating the Adoption of Regulatory Impact Assessment (RIA) Framework in India. August 21 st , 2014 Deboshree Banerji , CUTS International. Outline. About the Project. Genesis of CUTS work on regulatory reform: India Competition and Regulation Report (2007 – 2013)

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Facilitating the Adoption of Regulatory Impact Assessment (RIA) Framework in India

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  1. Facilitating the Adoption of Regulatory Impact Assessment (RIA) Framework in India August 21st, 2014 DeboshreeBanerji, CUTS International

  2. Outline

  3. About the Project • Genesis of CUTS work on regulatory reform: • India Competition and Regulation Report (2007 – 2013) • Working group on Business Regulatory Framework: Knowledge Partner • Draft Regulatory Reform Bill • Objective:Enable the central government and certain regulatory authorities to be in a position to adopt RIA framework for improving economic governance in India • Activity: Undertaking RIA in Insurance and Banking sectors (Primary Laws) • Time Frame: July 2014 – March 2016

  4. About the Project (Contd…) • Create evidence: Design and implement RIA tool • Generate demand: Highlight benefits, awareness and advocacy programs • Ensure supply: Focused training and capacity building • Sectors: Banking and Insurance related primary laws

  5. Need for the project • Indian regulatory governance processes have become outdated • Stakeholders are not regularly consulted while policy making, and there is no formal policy review mechanism. • Resulted in a loss of investor confidence and barriers to economic growth. • RIA is an appropriate remedy for this situation • participatory approach to assess impact of regulations • determine costs and benefits • select the most appropriate policy alternative • Ensures greater clarity and predictability in regulatory process

  6. Need to Assess Impact of Legislations Key for Efficient Regulation – Striking the Right Balance

  7. Why Financial Sector? • Inadequate access to financial services • Lack of competitive neutrality • Lack of objective clarity • Accountability issues

  8. Key Activities • Constitution of National Reference Group • Literature review and desk research • Preliminary stakeholder surveys • Two Focused group discussions for government/regulators and industry • Combined stakeholder forum • Two national level advocacy seminars • Four training/capacity building sessions

  9. Expected Outputs • Two Research Reports • Customised RIA Toolkit • Two policy briefs on sector specific recommendations • Briefing paper on process and benefits of RIA • Consolidated project report • Newspaper Articles

  10. Expected Outcomes • Advocate adoption of RIA framework by • Central government • Regulatory authorities • Cadre of individuals equipped to undertake RIA

  11. Thank You

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