NEW DELHI: The Economic Survey 2015-16 invokes the legend of the Charkravyuha from Mahabharata describing the ability to enter but not exit, with seriously adverse consequences. The Indian economy has made great strides in removing barriers to entry for firms, talent, and technology but less progress has been made in relation to exit, says the survey.
“Over the course of six decades, the Indian economy has moved from socialism with limited entry to marketism without exit,” the survey adds.
According to the survey, the challenge is not restricted to the public sector but is increasingly being seen in the private sector. “India seems to have a disproportionately large share of inefficient firms with very low productivity and with littl…
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