It is estimated that an Indian manager spends 14% of their time on red tape and there are significant issues around corruption at all levels. This is the case elsewhere in the BRIC and Next 11 economies and it requires urgent attention. As Joseph Stiglitz has made clear, “these days, most economists are sceptical about the ability of centralised bureaucracies to plan and deliver.”[i]

 


[i] Joseph Stiglitz, Globalisation and its discontents.