India expects to overtake size of Britain’s economy in 2019 : Jaitley

Speed Post News Network

New Delhi : Union Minister of Finance and Corporate Affairs Arun Jaitley on August 30, 2018,  said that the function of the Competition Commission of India (CCI) is going to expand further as the size of our economy is becoming large. He was inaugurating the new office of the Competition Commission of India (CCI) here.

Jaitley further said that India has potential to be among top three economies of the world in the next 10-20 years.  He said, “ This year, by sheer size, we have overtaken France. Next year, we expect to overtake the size of the Britain’s economy and will become the 5th largest economy in the world.”  Other economies in the world is growing at much lesser rate and India has the potential to be among top three economies of the world in the next 10-20 years, Jaitley added, according to a PIB release.

While speaking on the role of CCI in the fast growing Indian economy, Jaitley said the exponential growth taking place in several sectors will lead to large number of domestic and international players. That size of economy is going to expand and some will not comply with fair market regulation, indulge in cartelisation, have vertical or horizontal tie ups, abuse dominant position to impact prices or dilute competition. Therefore, the regulatory mechanism to regulate all the Mergers & Acquisitions would be required.

Jaitely focused on the growth potential of eastern region of India while speaking on the growth pattern pan-India. “Over the next 10-20 years, we still have a lot of avenues for pushing up our growth. India has seen growth more in the north, south and western parts of the country. The eastern side has to still grow faster. We are expecting to see growth there,” he said

Acting CCI Chairperson Sudhir Mital, Injeti Sriniwas, Secretary, Ministry of Corporate Affairs, Members of the Commission, senior Government officials and advocates attended the inauguration ceremony.