India has a complex operating environment, where it is extremely difficult to assess regulation in terms and its impact and complexity. Currently, there is no concrete framework that helps policymakers address core issues and quantify the potential impact of interventions by the government.
Primus Regulation Impact Assessment (PRIMA) Tool is aimed at cutting down RIA timelines without compromising on the efficacy. It is being developed using regression, cost-benefit & predictive modelling methodologies to critically assess and forecast the impact of proposed and existing regulatory and policy changes. It measures impact using data, find insights & develop contextualized predictive model are some of its key features. This will be an important step towards an evidence-based policy-making approach in the country. PRIMA would underpin the capacity of governments to ensure that regulations are efficient & effective in achieving the envisaged objectives.