New Delhi: It has been a terrible fortnight for Indian regulation across sectors. The latest has been a double whammy. The United States aviation regulator, the Federal Aviation Administration, has downgraded India's civil aviation safety rating to a level where it is in the company of either countries with poor safety records or small economies not in the same class. Plus, small Indian cars have failed the safety tests of the European New Car Assessment Programme. This compounds the damage already done to India's image and global competitiveness by the US healthcare regulator's ban on the fourth plant - thus covering all of them - of drug major Ranbaxy, which till not so long ago was the country's foremost pharmaceutical company. Reasons for these individual setbacks differ, but, coming in close succession, they tell a story of failure of regulation - and thus, by extension, of governance.
What is most dispiriting is that there are very few excuses for letting things drift to the present situation. The Drug Controller General of India has said something quite unbelievable: that if US regulatory standards were to be applied across the board, few Indian pharmaceutical companies would pass muster.
02/02/14 Business Standard
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What is most dispiriting is that there are very few excuses for letting things drift to the present situation. The Drug Controller General of India has said something quite unbelievable: that if US regulatory standards were to be applied across the board, few Indian pharmaceutical companies would pass muster.
02/02/14 Business Standard
