CCI should continue to be dynamic regulatory institution : Sitharaman

Speed Post News Network

New Delhi : Minister of State (Independent Charge) for Commerce and Industry, Government of India, Nirmala Sitharaman ,inaugurated the second two-day national conference on “Economics of Competition Law” organised by the Competition Commission of India (CCI) on March 2, 2017, at India Habitat Centre, New Delhi.

Speaking on the occasion,Sitharaman stated that the CCI needs to continue to be a dynamic regulatory institution keeping in view the stage of economic development of the country and the diversity of the economy. She urged CCI to develop sectoral understanding and engage sector experts for this purpose. Sitharaman added that India can’t and should not be compared to other countries like Singapore or China who have followed different development strategies than ours in the past, according to a  PIB release.

Sitharaman stated that the transition from the MRTP Act, 1969, to the Competition Act, 2002, reflects the change in the economic policy stance of the government. She said that there is nothing like a pro-business or anti-business stand in policy making and that the ultimate interest to be served is that of consumers. She also mentioned that the government is balancing the privatisation process by supporting the private sector in terms of providing level-playing field.

Delivering his keynote address, Arvind Subramanian, Chief Economic Adviser to the Government of India, highlighted the distinction between pro-business and pro-competition policies, importance of ease of exit for competition and the need for effective regulatory mechanisms in the wake of rapid digitalisation and advancement of technologies. In his introductory remarks, Devender Kumar Sikri, Chairperson, Competition Commission of India (CCI), observed that CCI is assessing policies, laws and regulations relating to different sectors of the Indian economy from competition perspective. He said that the Commission will be connecting with the NITI Aayog for this purpose, according to the PIB release.

The CCI, the fair-play regulator of the nation, was established with the mandate to prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interest of consumers and to ensure freedom of trade of market participants in India.