New Delhi, March 18 -- A recent report by an investment bank says that the three biggest areas of focus on the economic-policy front for the Indian government right now are striking bilateral trade deals, stepping up investments in strategic industries such as semiconductors and reducing the burden of regulation on firms as well as citizens.

The new Economic Survey written by officials in the finance ministry made a compelling case on how a surfeit of outdated regulations hold back the growth of firms, especially smaller enterprises that drive job creation. It also identifies what can be done to fix the problem.

Earlier this month, in a lecture delivered in Mumbai, Sanjeev Sanyal from the Prime Minister's Economic Advisory Council spoke...