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The Competition Commission of India organized a seminar for the apex chambers and associations of commerce and industry here today. Their top managers and senior representatives participated in the day-long session held to raise the awareness level of competition law and policy amongst the business community.
Addressing the seminar, the Minister of Company Affairs, Shri Prem Chand Gupta said a free and fair competition is one of the pillars of an efficient economy. Competition stimulates innovation and productivity and leads to optimum allocation of resources in the economy. But some enterprises undermine the market by resorting to anti-competitive practices for individual gain. They may form cartels and the big companies may abuse their dominant position. Unless checked, such practices can totally nullify the gains from competition, said the Minister.
Shri Gupta underlined the need for a competition law to discipline such market behaviour in the larger interests of the economy and the consumers. He said countries across the globe which have embraced market economy are also reinforcing their economies by enacting competition law. Today, nearly a 100 countries have a new competition law. The Minister emphasised that India has a more competition-friendly regime now with greater freedom for business entities. This has resulted in a dynamic growth of the economy, he added.
SMK/ls
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