India at 75: The economic institutions have tended to over-regulate

For India's economic regulators, acquiring a better understanding of markets and acting accordingly will be the challenge for the next 25 years

This is the fifth in a six-part series in the run-up to the 75th Independence Day on August 15, 2022. It explores how institutions—Constitution, Legislature, Executive, Judiciary, Economic—have worked since independence.

Part 1 Part 2 Part 3 Part 4 

India's institutions can be divided into three categories - constitutional, statutory and, shall we say, whimsical, like the Planning Commission, now called NITI Aayog. The first lot, the constitutional ones, like Parliament, judiciary, election commission, comptroller and auditor general, and finance commission, to name a few, have generally performed well because the Constitution has