: Level playing field and healthy competition for industry can lead to higher economic growth: CCI Chairman #FinanceIndia #StockMarketNEWS Level playing field and healthy competition for industry can

@StockMarketNEWS Mon 12 Jul, 2021

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Level playing field and healthy competition for industry can lead to higher economic growth: CCI Chairman #FinanceIndia #StockMarketNEWS
Level playing field and healthy competition for industry can lead to higher economic growth: CCI Chairman New Delhi, Jul 10 (KNN) A vibrant industry founded on a level playing field and characterized by healthy competition could pave the way for Indian economy to come out of the setback caused by the pandemic and move on to a higher long-term growth trajectory, said Ashok Kumar Gupta, Chairman, Competition Commission of India (CCI).

Addressing the webinar Competition Law: Revolutionizing Corporate & Legal Strategies, organized by FICCI Karnataka State Council, Gupta said, Dialogue with stakeholders can be effective in preventing violation of law and can help mitigate a range of competition concerns without burdening the industry with compliance and litigation cost.

"CCI is committed to support the industry in being competition law compliant. A vibrant industry founded on a level playing field and characterized by healthy competition could pave the way for Indian economy to come out of the setback caused by the pandemic and move on to a higher long-term growth trajectory," he asserted.

Gupta said that as we move ahead it is imperative that the principles of good corporate governance and fair competition are adhered to and complied with.

"These are the key aspects of the recovery process that need to be observed diligently," he added.

He also stated that Karnataka, being the fourth largest global technology cluster, has emerged as a leading destination for investments and a hub for Start-ups. FICCI Karnataka State Council has a critical role to play as the economy strives to recover from COVID-19.

"As we emerge out of the devastating second wave, an immediate concern is how to boost the economy and investment sentiments. Disruptive events not only test the resilience and adaptive capacity but can also unleash forces of innovation and creativity towards shaping a more sustainable and inclusive future," he emphasized.

He said that in recent years the digital markets have been the major focus area of the CCI. Digital markets are bringing in innovation on one hand and are also giving rise to various competition concerns on the other.

"Given the very fast evolution of the digital markets the focus has been to act swiftly and craft remedies to address these issues. In a young jurisdiction like India where legacy issues have not yet faded completely, stakeholders not fully aware of the benefits of competition and pro-market reforms are still an ongoing agenda, enforcement cannot be the only route to market corrections," he added.

Highlighting the measures taken by the Commission, Gupta said that CCI has come out with a Competition Compliance Manual for the benefit of the corporations.