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Competition policy may not be required: FM
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SME Times News Bureau | 21 May, 2016
The government is unlikely to go ahead with its earlier plan of having a
separate policy to encourage more competition in the economy, Finance
and Corporate Affairs Minister Arun Jaitley hinted on Friday.
"This
(competition policy) may or may not be needed. Where is the need when
existing regulatory set up is already taking efforts to encourage
competition," Jaitley said in response to a question on a drafted
competition policy.
Meanwhile delivering the Competition
Commission's annual lecture earlier, he said there was a need to ensure
greater competition in sectors such as public transport, railways, power
distribution companies and insurance that are currently dominated by
the public sector.
Describing "competition is at the heart of a
market economy", Jaitley said there were still several sectors where
public sector firms were provided either a purchase preference or a
price preference.
The minister, however, also said price controls
can be justified in a sector like pharmaceuticals where it was
important to balance the need for innovation with public health
considerations.
"India cannot have a situation where essential and life-saving medicines are unaffordable," he said.
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