New Delhi: National Competition policy Draft is submitted to the Ministry of Corporate Affairs.
The draft committee led by the Chairperson of the Competition Commission of India Dhanendra Kumar, was submitted to Ministry of Corporate Affairs this month. The aim is to enhance market competitions.
The policy will be placed in the Parliament in December, 2011. The policy's objective is to enable the enhancement of competition principles across all economic regulations, policies and guidelines. The only areas to be exempt from the competition lens are defence, currency, atomic energy and internal security. It will soon be placed on ministry website after Cabinet approval.
This is being considered as second largest economic reform after the introduction of policies on liberalization, privatization and globalization in 1991. Australia, Hong Kong and other European countries have already implemented such policies and have witnessed improvement in their Gross Domestic Product (GDP).
