New Delhi, Mar 14 (UNI) The promotion of competition is an important agenda in the National Common Minimum Programme (CMP) of the UPA government, Company Affairs Minister Prem Chand Gupta said today.
''The replacement of the Monopolies and Restrictive Trade Practice (MRTP) Act 1969 with the Competition Act 2002 clearly shows the governemnt is shifting curbing monopolies to promoting competition,'' he said while inaugurating a two-day National Conference on ''State of Competition in The Indian Economy'', organised by the Competition Commission of India here.
The Minister said in the changed national and international scenario the basic objectives of the competition law were to promote and sustain competition in the market, ensure freedom of trade, and protect the interest of the consumers.
These objectives should be achieved through a 'modern competition law' to be enforced through an independent authority, namely, the Competition Commission of India.
''It will not support the emergence of any monopoly that only restricts competition. All regulatory institutions will be strengthened to ensure that competition is free and fair. These institutions will be run professionally,'' he said.
Private enterprise and initiative plays a major role in taking the country to higher growth path. The government's role is to provide a conducive atmosphere in which business can flourish.
The Competition Act, 2002 recognizes the need for freedom of action and initiative by the enterprises as against the pre-reform mindset of viewing the business and its growth and expansion with suspicion.
Mr Gupta said the government was committed to provide an ''efficient, simple and legal'' frame-work to the corporates and those who assisted them by providing efficient and transparent administering machinery to enforce the laws.
''I am happy to note that the Commission has been taking a number of initiatives by way of organising seminars, workshops and training pogrammes. The programme of the Commission on research studies related to competition issues is very useful and that is why World Bank, FIAS and DFID are supporting it...,'' the Minister noted.
UNI
''The replacement of the Monopolies and Restrictive Trade Practice (MRTP) Act 1969 with the Competition Act 2002 clearly shows the governemnt is shifting curbing monopolies to promoting competition,'' he said while inaugurating a two-day National Conference on ''State of Competition in The Indian Economy'', organised by the Competition Commission of India here.
The Minister said in the changed national and international scenario the basic objectives of the competition law were to promote and sustain competition in the market, ensure freedom of trade, and protect the interest of the consumers.
These objectives should be achieved through a 'modern competition law' to be enforced through an independent authority, namely, the Competition Commission of India.
''It will not support the emergence of any monopoly that only restricts competition. All regulatory institutions will be strengthened to ensure that competition is free and fair. These institutions will be run professionally,'' he said.
Private enterprise and initiative plays a major role in taking the country to higher growth path. The government's role is to provide a conducive atmosphere in which business can flourish.
The Competition Act, 2002 recognizes the need for freedom of action and initiative by the enterprises as against the pre-reform mindset of viewing the business and its growth and expansion with suspicion.
Mr Gupta said the government was committed to provide an ''efficient, simple and legal'' frame-work to the corporates and those who assisted them by providing efficient and transparent administering machinery to enforce the laws.
''I am happy to note that the Commission has been taking a number of initiatives by way of organising seminars, workshops and training pogrammes. The programme of the Commission on research studies related to competition issues is very useful and that is why World Bank, FIAS and DFID are supporting it...,'' the Minister noted.
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