| Abstract: | Regulation, broadly defined as the control of public and private sector activities to ensure societal well-being, is fundamentally executed by independent regulatory agencies. Following India’s 1991 Liberalization, Privatization, and Globalization policy, a robust regulatory framework emerged to govern diverse economic sectors. While these government-created institutions are crucial for preventing market failures, curbing anti-competitive practices, fostering balanced economic growth, ensuring environmental protection, and promoting social justice, their implementation through extensive rules, guidelines, and penalties often raises concerns. This paper analyses the multifaceted role of regulatory agencies in India, examining their indispensable contributions alongside the challenges they pose to economic efficiency, particularly for new ventures due to perceived procedural complexities and corruption. Through a review of key regulatory bodies, their evolution, and the practical issues encountered in their functioning, this study reaffirms the critical necessity of regulation for long-term societal welfare despite the acknowledged impediments. |
