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Ashish Aggarwal & Pratik Datta: Lay down the ground rules of operation

The three-member committee set up by the Centre to suggest a policy framework for cab and other transport operators should identify market failures and then use the power of the state to draw up regul

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Transport

Ashish Aggarwal & Pratik Datta 

Ashish Aggarwal & Pratik Datta

The central government has finally set up a committee to suggest a policy framework for taxi and other transport operators. The world over, taxis are regulated for price and quality. Without regulation, each taxi ride would entail price negotiation and a series of checks: does the driver have a valid licence; is his behaviour acceptable; is the car in suitable condition, etc. The burden on each consumer to overcome these transaction costs would render the market unworkable. Regulations address these market failures.

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First Published: Wed, May 18 2016. 21:47 IST
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