FICCI holds session on ?Competition Advocacy?
HIGHLIGHTING THE importance of competition policy and law in industries, FICCI, Madhya Pradesh in association with MPSIDC organised an interactive session on ?Competition Advocacy for the Industries? at Hotel Jehanuma Palace today.india Updated: Feb 14, 2006 01:42 IST
HIGHLIGHTING THE importance of competition policy and law in industries, FICCI, Madhya Pradesh in association with MPSIDC organised an interactive session on ‘Competition Advocacy for the Industries’ at Hotel Jehanuma Palace today.
Addressing the session, chief guest and Competition Commission of India member Vinod K Dhall said in India the Monopolies & Restricted Trade Practices (MRTP) Act was enacted in 1969, and thereafter it underwent a number of amendments, most notably in 1984 & 1991.
“However, the focus of the MRTP Act was more on the control of monopolies and the prohibition of monopolistic and restrictive trade practices,” he pointed out.
Dhall said in the era of liberalisation and globalisation, the MRTP Act had become obsolete in certain respect in the light of international economic developments relating more particularly to competition law and there is need to shift the focus from curbing monopolies to promoting competition.
“The Central Government, therefore, constituted a high-level committee and after considering its report and suggestions from trade, industry and the general public, enacted a new law called the Competition Act 2002,” he mentioned.
Deliberating on ‘Competition Policy & Law’, Dhall added the ‘Competition Act 2002’ was framed to prohibit anti-competitive
agreements, prohibit abuse of dominant position, and regulate combinations (mergers & amalgamations).
In his welcome address, state’s Secretary, Finance Praveen Garg, who is also the nodal officer of the Commission in Madhya Pradesh said, to ensure that markets in the country function under the principles of free, fair and unrestricted competition, the National Competition Policy was being formulated.
He further added the National Competition Policy would provide guidelines to different branches of the Government and agencies at all levels in maintaining the appropriate competition dimension, while taking any step or decision, which will have an impact on the economy and consumers.
Explaining the importance of the law, Professor of National Law Institute, Ghayur Alam questioned how much time parliament devotes on law making is important.
Former chairman, Company Secretaries of India – MP Chapter, Hansraj Mutreja said that due to change in the perception of governance through command and control, the country has been embarking on the path of economic reforms and there are several changes in the trade policy and industrial policy.
Speaking on trade practices and acts, he delved on relevance of competition in new economy, and also dealt with various models in amalgamation and mergers and gains due to mergers.
MPSIDC’s managing director Raghav Chandra was also present on the occasion.
First Published: Feb 14, 2006 01:42 IST