 Minister of State for Corporate Affairs PP Chaudhary has said, the architecture of the Indian Competition Law not only avoids an inconsistent application of law but also aligns with global antitrust practices and integrates seamlessly with a globalized law enforcement regime.
He was speaking after inaugurating the three-day International Competition Network Annual Conference 2018 organised by the Competition Commission of India in New Delhi this morning. Mr Chaudhary said, while piloting the Competition Act 2002, the NDA Government led by then Prime Minister Atal Bihari Vajpayee duly acknowledged the relevance of the new legislation in the post-liberalization era.
He said, India is a bright spot in the world economy today with a growth rate of more than seven percent. The Minister said, the Narendra Modi Government in the last four years has been able to transform the economy by undertaking a series of measures with the motto of Reform, Perform and Transform.
Mr Chaudhary said, GST brought by the Government allows competition to flourish by lifting the veil of protection that the incumbents enjoy from a fragmented tax system. He said, the Insolvency and Bankruptcy Code has put in place the much-sought legal framework for speedier, transparent and efficient resolution of corporate insolvencies in the country.
In his address, Chairman of Competition Commission of India D K Sikri said, 520 delegates from 73 countries are participating in the conference. He said, the conference is in line with India’s ever-growing engagement with the world on vital policy issues.
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