Union Corporate Affairs Minister Dr. M. Veerappa Moily has asked the Corporate Sector in the country to send their relevant and issue specific suggestions during the current exercise of initiatives underway in drafting the new national competition policy. The Minister was chairing the second Consultative Meeting on draft National Competition Policy at FICCI Auditorium here in New Delhi Today.
Dr. Moily said his ministry is desirous of strengthening and refining India’s competition laws and the strategy involves the drafting of the competition policy, making changes to laws and norms that government departments need to follow. He said we want to evolve a policy which is based on a vast consultative process. For this a draft competition policy on its website has already been posted to seek comments from the public since August this year. Accordingly, meetings with economists and consumer associations as well as business and industry have been organised. Besides, experts are being approached to suggest sector-specific policy changes that are required to adopt principles of competition. Once in place, the policy will be a guide for various ministries and state governments to follow on competition,
Expressing the hope that the enactment of new national competition policy will be the second biggest reform initiative after the 1991 economic reforms the Minister said we need to put in such a system of governance and policy trust that will pave way for the concept of healthy competitive environment. Dr. Moily said inputs from state governments will also be considered during the preparation of the final draft for the new national competition policy and after detailed deliberations and pondering upon the views and suggestions received from the business fraternity in the country will be posted on the website of the Ministry of Corporate Affairs for further comments. He hoped that the Cabinet’s nod will be obtained by the end of this year to pave way for the New Competition Policy next year.
The Minister observed that Competition Policy is one of the most important instruments to ensure transparency in transactions. On the ensuing Procurement Policy the minister expressed the hope that once in place it will remove lot of arbitrariness and discretionary powers in government purchases.