Build a culture of competition, says Moily

New Delhi, Nov 25 (ANI): Corporate Affairs Minister Dr M. Veerappa Moily has said that the time has come for all stakeholders in the growth of Indian economy to come forward and launch a national movement to build a culture of competition to promote innovation, entrepreneurship and inclusive growth and become a part in ushering second generation of reforms.

Addressing a conference on Building "Friends of Competition" in India, organised by CUTS Institute for Regulation and Competition (CIRC) and Indian Institute of Corporate Affairs (IICA), Ministry of Corporate Affairs here, Moily said "the stage is set for competition policy reforms."

Emphasising that we now need a culture of high productivity, efficiency, innovation or competition, Moily said: "As per a recent study, Indian GDP in 2050 will be 85 trillion dollars, ahead of China and the US and in order to achieve this, the second-generation economic reforms at centre, state and sub-state levels are now required."

"Competition policy and law are instruments which positively affect the bottom of pyramid and therefore will be defining moment within the policy reform agenda. The major objectives of the competition reform measures are to promote sustained high level of economic growth, control inflation, enhance productivity and attain international competitiveness, and generate employment opportunities," he added

The conference was attended by a large number of national and international dignitaries and participants from government, bureaucracy, competition authorities, legal professionals, economists, academicians, research think tanks, media and persons from the civil society.

The conference provided a timely and well needed platform for various stakeholders to come and share their views in the light of the process of framing of National Competition Policy and amendments to the Competition Act which are under way.

The conference is a first step in building networks of to facilitate exchange of ideas, views and experience amongst government, competition authority, civil society organisations and academicians. (ANI)