Arun Jaitley, Union Minister of Finance and Corporate Affairs, said that the function of the Competition Commission of India (CCI) is going to expand further as the size of our economy is becoming large.
Shri Jaitley said this while inaugurating the new office of the Competition Commission of India (CCI) here today.
Shri Jaitley further said that India has potential to be among top three economies of the world in the next 10-20 years.
He said “ This year, by sheer size, we have overtaken France. Next year, we expect to overtake the size of the Britain’s economy and will become the 5th largest economy in the world.”
Other economies in the world is growing at much lesser rate and India has the potential to be among top three economies of the world in the next 10-20 years, Shri Jaitley added.
While speaking on the role of CCI in the fast growing Indian economy, Shri Jaitley said, India can already see the ripples of a consumption economy in India.
The exponential growth taking place in several sectors will lead to large number of domestic and international players.
That size of economy is going to expand and some will not comply with fair market regulation, indulge in cartelisation, have vertical or horizontal tie ups, abuse dominant position to impact prices or dilute competition. Therefore, the regulatory mechanism to regulate all the Mergers & Acquisitions would be required.
These changes to be extremely large and the impact on markets is going to be very large.
Shri Jaitely focused on the growth potential of eastern region of India while speaking on the growth pattern pan-India, “Over the next 10-20 years, we still have a lot of avenues for pushing up our growth. India has seen growth more in the north, south and western parts of the country. The eastern side has to still grow faster. We are expecting to see growth there.”
Acting CCI Chairperson Shri Sudhir Mital, Shri Injeti Sriniwas, Secretary, Ministry of Corporate Affairs, Members of the Commission, senior Government officials and advocates attended the inauguration ceremony.>