In the Indian industrial regulatory scenario, compliance with regulations should not be considered as just a necessary evil. There are several reasons why compliance is crucial for the growth and development of the industry, and for the overall well-being of the country.

Firstly, compliance with regulations ensures that industrial operations are safe for workers, consumers, and the environment. Regulations are put in place to prevent accidents, protect public health, and safeguard the environment. Non-compliance with regulations can lead to accidents, environmental degradation, and public health hazards, which can have long-term consequences for the industry and the country as a whole.

Secondly, compliance with regulations promotes transparency and accountability in the industry. Regulations ensure that businesses operate within the bounds of the law and do not engage in unethical or illegal practices. Compliance helps to build trust between businesses, consumers, and the government, which is crucial for the long-term sustainability of the industry.

Thirdly, compliance with regulations can help businesses to improve their efficiency and competitiveness. Regulations often set standards for product quality, safety, and environmental performance. Compliance with these standards can help businesses to improve their processes, reduce waste, and enhance the quality of their products, which can give them a competitive advantage in the market.

Finally, compliance with regulations is crucial for maintaining the rule of law in the country. Regulations are put in place to ensure that businesses operate within the bounds of the law and do not engage in illegal or unethical practices. Compliance with regulations helps to promote a culture of respect for the law and contributes to the overall stability and well-being of the country.

In conclusion, compliance with regulations should not be considered as just a necessary evil in the Indian industrial regulatory scenario. Compliance is crucial for promoting safety, transparency, efficiency, competitiveness, and the rule of law. It is important for businesses to recognize the value of compliance and to work towards achieving it in a responsible and sustainable manner.