Dysfunctional regulatory activities
Friday, 24 July 2009
BUSINESSES want deregulation and decontrol, in line with the principles of market economy, although healthy development of market economy requires effective and updated regulations. While bureaucratic impediments are not desirable, healthy growth of business activities requires efficient governmental regulatory bodies backed up by sound and updated laws.
A review of the regulatory activities of the government shows the existence of crippling regulations discourages individual initiative. On the other hand, big gaps in regulation are exploited by the private sector to create undesirable situations in the name of entrepreneurship. The government should, therefore, reduce and simplify regulatory procedures to encourage private sector initiative. The government should also make the laws and develop its capacity for their enforcement, the two areas where the gaps exist now.
The regulatory wings of various ministries lack trained and skilled personnel. The government should have addressed this crippling deficiency long back. The regulatory bodies, handicapped by personnel shortage, cannot undertake regulatory activities inspections and evaluation.
Lacking support from law enforcement agencies, the regulators also cannot do what they need to do.
The absence of regulation is adding to problems in many sectors. One area of major concern in this respect is the environment. The environmental degradation of Bangladesh is bound to cause serious problems in the near future as there is no regulatory action of the government in this sphere. Therefore, the environmental regulations need to be beefed up and applied sternly at the fastest.
Nurul Huda
Tejgaon, Dhaka.
A review of the regulatory activities of the government shows the existence of crippling regulations discourages individual initiative. On the other hand, big gaps in regulation are exploited by the private sector to create undesirable situations in the name of entrepreneurship. The government should, therefore, reduce and simplify regulatory procedures to encourage private sector initiative. The government should also make the laws and develop its capacity for their enforcement, the two areas where the gaps exist now.
The regulatory wings of various ministries lack trained and skilled personnel. The government should have addressed this crippling deficiency long back. The regulatory bodies, handicapped by personnel shortage, cannot undertake regulatory activities inspections and evaluation.
Lacking support from law enforcement agencies, the regulators also cannot do what they need to do.
The absence of regulation is adding to problems in many sectors. One area of major concern in this respect is the environment. The environmental degradation of Bangladesh is bound to cause serious problems in the near future as there is no regulatory action of the government in this sphere. Therefore, the environmental regulations need to be beefed up and applied sternly at the fastest.
Nurul Huda
Tejgaon, Dhaka.