National Competition policy in 6 months

Kolkata, Feb 6 (IBNS) The ruling United Progressive Alliance (UPA)'s National Competition Policy offering a fair ground for all market players might be implemented in the next six months.

Speaking to the reporters on Monday during the inauguration of the ´India Corporate & Investors Meet´ here, Corporate Affairs Minister Veerappa Moily said, "The National competition policy is circulated among all ministries and we hope it would be approved by the Cabinet by March 2012.

"So, once this policy is implemented it will bring a second big financial revolution and reform in the country after 1991."

He said, "This competition policy will gel the supply and demand. It will put right price to the consumer and they would benefit.

"It is a developmental activity to remove the bottlenecks in the vigilance system, that comes in the way of productivity," he added.

He said the policy will give an impetus towards the integrated market system.

Moily said, "The Competition Policy is very important for any emerging country, to dismantle the monopoly of a company over the pricing of the products.

"It will have have an impact on the productivity of a company and also other things because monopoly of any company over the pricing kill the vibrancy of development of country. That´s why we want to have a competition policy."

Citing the importance of the policy to attain growth he pointed towards the US and said, " In US the price of the petroleum product reduced by 50 percent due to implementation of the Competition policy and in some other countries like Australia and New Zealand the policy has a major impact on the growth of these countries.

"With the implementation of this policy the pricing of the products will come down," Moily said.

In India the Competiton Law was implemented in 2009, but there is no Competition policy yet.

Chairman of the Committee on the National Competition Policy is Dhanendra Kumar who was the former Chairperson in the Competition Commission of India (CCI).

The committee has submitted its report following which the Ministry has constituted two consultancies in Delhi and Mumbai.and also discussed the issue with all stakeholders including the various chambers of commerce and institutions.

He also hoped that the Company Bill will be passed in this Budget Session.

The National Competition Policy will most probably be implemented after six months.

(Reporting by Pratik SIngh)