Kolkata, July 31 (IANS): India's regulatory framework needs alignment to make the nation globally competitive, and policies and procedures should ensure entrepreneurial initiative is not curbed, ITC Chairman Y.C. Deveshwar said here on Friday.

"Whilst much is being done in terms of ease of doing business, it is equally important to create a shared vision of responsible competitiveness among the regulators and developers of industry," Deveshwar said during the company's Annual General Meeting.

He said the regulatory policies so long have been created in silos and one objective has been sacrificed to promote another to develop the economy and promote entrepreneurship in the country.

"Policies and procedures must be unambiguous, simple and transparent. They should discourage arbitrary regulatory action in the field, thereby not curbing entrepreneurial initiative," the official said.

"Every regulatory framework must answer the primary question - will it help in making India globally competitive."

Deveshwar said the composition of India's external trade highlights the lack of its competitiveness in the international domain and brands within the country needs to be built first.

"I truly believe that the Make in India vision will be significantly reinforced when national champions (Indian-origin companies which are globally competitive) create winning Indian brands," the industry veteran said.