laws become more draconian to give creditors powers laws applied more quickly to small firms, sometimes with a bias to creditors. operational and speedy bankruptcy code will level the playing field. • issues of excessive market power and predation. o o • o o o d ) need to ensure awards survive appeals the jobs agenda : job is the best form of inclusion. growing small firms as job creation protection of property rights o c ) competition commission showing its mettle why greater concern now on issues of competition and entry? o b ) negotiating in the shadow of bankruptcy private property protection needed to incentivize activity : i eat what i kill. broadly protected in india is it too well protected – land for infrastructure moderate and predictable taxes and estate duties – government has delivered. administrative steps to rein in unnecessary tax demands automation of significant parts of the tax process retrospective taxation : clear government statement. however, base erosion and profit shifting – worldwide issue that large corporations need to answer – equal requirement of transparency on corporate side : need for global agreements. broadening access to capabilities o aam aadmi attaches no value to free enterprise if he cannot participate. o increasingly, enterprises of the future require employees to have decent education and health. o malnutrition curses an individual for life, as does poor early education. o effective delivery of social programs so that everyone has the ability to compete is absolutely necessary. o capitalism starts at age 21! a basic safety net o competition can be ruinous despite one ’ s best efforts. bis central bankers ’ speeches o need a basic safety net, not focused on firms but on individuals : o o unemployment insurance, basic healthcare, old age pensions should not be prohibitively costly for government. cost entitlements and incorporate into budget liability projections charge reasonable premiums for the insurance recognize that if insurance is not explicit, it will be implicit in a democratic society. safety net can also encourage people to take risks they would shy away from otherwise. in conclusion o india has come a long way in encouraging free enterprise. o from tiny shops to large internet start - ups, the spirit of entrepreneurship is alive. o graduates increasingly want to start businesses or work for start - ups rather than go to an established consultancy or bank. o doing business is more reputable, as is getting rich. o but a lot more work is needed to improve the environment so that everyone has a chance. rather than looking for special dispensations, business has to push for improving the business

, year after year, which puts pressure on the absorptive capacity of the market. the banking system at end - march 2001 held government securities of around 35. 0 per cent of its net demand and time liabilities as against the minimum statutory requirement of 25. 0 per cent. in terms of volume, such holdings above the statutory liquidity ratio ( slr ) amounted to as much as rs. 1, 00, 000 crore, which is substantially higher than the net annual borrowings of the government. sixth, in addition to the changes in the monetary policy framework, targets and indicators, and the institutional context in which monetary policy is being conducted over the past five years, a major transformation has also taken place in the operating procedure of monetary policy. the reform of monetary and financial sectors has enabled the reserve bank to expand the array of instruments at its command. the reliance on reserve requirements, particularly the cash reserve ratio ( crr ), has been reduced as an instrument of monetary control. the crr has been brought down, notwithstanding intra - year variations, from a peak of 15. 0 per cent in 1994 - 95 to 8. 0 percent in 2000 - 01. the objective of policy is to reduce crr to its statutory minimum of 3. 0 per cent over a period of time. the statutory liquidity ratio has already been brought down to its statutory minimum of 25. 0 per cent. the liquidity management in the system is carried out through open market operations ( omo ) in the form of outright purchases / sales of government securities and repo and reverse repo operations. the omo are supplemented by access to the reserve bank ’ s standing facilities and direct interest rate signals through changes in the bank rate / repo rates. for transmitting signals of monetary policy, the bank rate was initially operationalised as a signaling and reference rate for influencing the interest rates in the economy. interest rates on advances from the reserve bank were linked to the bank rate. refinance / liquidity support at the bank rate and repo rates were intended to serve as a ceiling and a floor, respectively, setting an informal corridor for money market particularly the call money market to operate. in the context of the continued large market borrowing programme of the government, the reserve bank on occasions adopted a policy of strategically accepting private placement of government securities and then releasing those to the market at an appropriate time without putting undue pressure on interest rates. in terms of further progress in the use of market - based