: Competition policy required to aid government efforts to revive economy through MSMEs: CIRC Chairman #finance #StockMarketNEWS Competition policy required to aid government efforts to revive economy

Competition policy required to aid government efforts to revive economy through MSMEs: CIRC Chairman #finance #StockMarketNEWS
Competition policy required to aid government efforts to revive economy through MSMEs: CIRC Chairman New Delhi, 8 Dec (KNN) The CUTS International & CUTS Institute for Regulation & Competition (CIRC) organised a global webinar on “Competition Policy for an Inclusive and Resilient Economy” on Monday to commemorate World Competition Day, said the press release.

Speaking on the occasion, Arvind Mayaram, Former Finance Secretary of India and Chairman, CIRC spoke about how in order to revive the pandemic hit economy, the Central and State governments are focusing on micro, small and medium-sized enterprises (MSMEs) that saw significant decline in their sale volumes,.

“Competition policy is very much required to aid government efforts,” he added.

While chairing a session, Dhanendra Kumar, Former Chairman, Competition Commission of India, emphasised that the growing market concentration should be kept in check by using competition policy.

“Biggest outcome of competition policy is to create a level playing field for all the market players that promotes economic democracy,” he added.

Pointing out the growing global concern about the under enforcement of competition law and policy as it is failing to achieve for which it were designed for, Jason Aproskie, Principal Economist, Competition Commission of South Africa opined, “Giving greater weight to effects on poorer people in competition assessment and invoking ‘public interest’ clause may help achieve greater equality. ”

Beena Saraswathy, Assistant Professor, Institute for Studies in Industrial Development, New Delhi, said that “The regulators must ensure that political and economic power of handful of business groups does not lead to market imperfections”. She added that competition assessment based on narrowly defined markets, generally, ignores the political ramifications and social harms caused by economic power of entities.

Amir Karalic, President, Competition Council of Bosnia and Herzegovina, highlighted the concerns that his country is facing due to concentrated oligopolistic telecom market.

Valerie Mueller, Principal Economist for Competition, European Bank for Reconstruction and Development, spoke about the crucial role of digital infrastructure and technology enabling digital transition and explained about two important transition qualities which are inclusivity and resilience.

Further adding to the discussion Former Member of CCI, Geeta Gouri said, “Competition Regulator’s role is to promote cooperative and collective harmony, while rigidity is demanded in certain situations, the regulations must be flexible enough to encourage innovation which is imperative.