Business is the engine of wealth creation and economic growth. The state has consistently strived to create an environment conducive to business. Since businesses thrive in an environment of freedom, reforms over the years have aimed at removing the shackles on freedom. Early initiatives reshaped the legislative framework to provide businesses with greater freedom to enter markets, compete, grow, and exit, facilitating a transition to a market economy.
However, a market economy presents its own challenges. To address them, the governance edifice has undergone two major transformations. First, there has been a substantial increase in the role of regulations as
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