New Delhi: Union Minister Rao Inderjit Singh Saturday stressed on the significance of a strong economy and said the economic power is going to make India not only audible, but also persuasive in its dealings with the world.
He was speaking at the National Conference on Competition Law as part of ‘Azadi Ka Amrit Mahotsav’ celebrations under Ministry of Corporate Affairs (MCA).
“When India became independent, most of the industry was government owned, public owned… Today the government is not a regulator anymore. We are not inspectors anymore… We are facilitators,” the Union Minister of State for Corporate Affairs said.
He further noted that “the economic power is going to make us not only audible, but also persuasive in whatever we wish to implement in this world.”
According to official data, India’s economy grew 8.7 per cent in last fiscal year (2021-22), as against 6.6 per cent contraction in the previous year.
“When the Modi government came to power, India clocked a GDP of 6.4 per cent and today we are running at 8.7 per cent , as per the latest data. If we can achieve this growth post-COVID, we are progressing faster than most economic superpowers… All our neighbours… What can we not achieve in the next 25 years?,” he said.
In order to achieve high economic growth he said “we must all work together… Sabka saath… Sabka vikas… Sabka sahyog….”
The minister released a film capturing the 13 years of the Commission’s journey, a special edition of Fair Play, the quarterly newsletter of CCI, as well as competition advocacy booklets in regional languages. He also felicitated the winners of the essay and quiz competitions held earlier.
Singh said India has to regain its lost glory and become an economic powerhouse. India, on an economic growth metric, is forging ahead of its peers, he said.
He mentioned that, historically, before it was colonised, India was an advanced economy with a high share in the world economy.
“We, as a nation, will be in the league of the most advanced and economically developed nations in the next 25 years, as envisioned by Prime Minister Narendra Modi,” he said.
Earlier, CCI Chairperson Ashok Kumar Gupta in his address said that given the potential growth in trade and technology in the coming years, and in view of the possibility that several sectors are still not open to real competition, the role of the agency is set to expand substantially.
He also highlighted that CCI has developed a sound body of jurisprudence through its review of over 1,100 antitrust cases.
With increasing use of forensic tools, data analytics, and dawn raids to aid the investigation process, coupled with incentivising self-reporting through the leniency programme, the enforcement regime is now well-equipped to uncover cartels, he said.
He further said that in the near future, CCI will release FAQs on various issues, which will be available in regional languages as guided by the Union Finance Minister during the MCA Iconic Day celebrations.
Rajesh Verma, Secretary MCA, said that the focus and design of competition law has changed fundamentally, i.E., to protect competition rather than curb monopolies and ensure a level playing field regardless of whether the enterprise is domestic or foreign, public or private, and leaves lesser discretion with government functionaries.
PTI
