Experts have identified several economic laws as redundant and these need to be scrapped or amended. The government itself is a litigant in 60 per cent of all appeals, most of them doomed to failure. The result is that the government is crowding out private court cases. This produces a judicial deficit which is as deleterious as the fiscal deficit. The Survey emphasises the need to strengthen the financial sector.
Difficult decisions have to be taken in respect of the problems of weak banks.
The waiver of over Rs 5,000 crore of SAIL's dues is a sad pointer. The Survey emphasises the need for states to remove controls on the movement of agricultural goods. It also suggests the removal of all export controls on agriculture to benefit farmers. The plethora of state-level laws, regulations and rules, which constrain private investment and participation in agricultural marketing, storage and transportation, need urgent review. In sum, the economy has many serious problems, some of which seem to defy solution for political reasons, yet there are enough positive factors to keep the country muddling through.