Procurement, based on the principles of fairness, transparency and public interest, will protect the revenues of the State and make sure that they are used for optimal purpose, said the Union Minister for Finance and Corporate Affairs Arun Jaitley. Jaitley was delivering the Keynote Address at the National Conference on Public Procurement & Competition Law in New Delhi yesterday.
The Finance Minister further said that the competition regulator was created to ensure effective competition so that consumer interest could be protected. While talking about the roadmap for future, he stated that India needs to look at global models and visualise how to deal with emerging situations. Shri Jaitley stated that public procurement being a very large part of the country's GDP, the State is entitled to have the best price and quality and this also applies to all Statutory Institutions.
The Finance Minister said that there are areas in which tender bids can be global while in some areas, domestic development is desirable, especially in case of the service sector in which the effective competition needs to be build within the country itself. He said that with expansion of the economy, India's market expansion is going to have exponential growth and therefore, the role of the Competition Commission of India (CCI) as a Regulator will also expand with time. Size of the Service Sector, Industry and Manufacturing Sector will also increase, he added.
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