If labor productivity grows an average of 1 percent per year, the difference is dramatic: Living standards will take two generations to double.15 But fortunately, when it comes to productivity, we are not simply consigned to luck or to fate. Governments can take sensible actions to promote more rapid productivity growth.
The guidelines for Core Investment Companies (CICs) were revised in August 2020 with a view to address complexity and multiple leveraging, strengthen risk management and corporate governance practices, and induce transparency through disclosures. The revised regulatory framework for Housing Finance Companies (HFCs), issued in October 2020, aimed at harmonising the regulations between HFCs and NBFCs in a non-disruptive manner.