When it comes to public policy, the Street proposes, but often the Lobby disposes. Businesses lobby regulators, industry associations lobby ministries, technology companies lobby for market access, and foreign corporations lobby through trade negotiations.
In a democracy, much of this is legitimate. Elected politicians and policymakers need to hear from those who understand consequences of laws and regulations. Yet, India has never created a transparent institutional framework in which the public can see who is seeking influence, on whose behalf, with what resources and for what policy outcome. Markets often know, or speculate, who is lobbying for a rule change and which companies stand to benefit. But informed market intelligence is no substitute for accountable public record.
