Competition law regime will boost country’s market economy: Moily

NEW DELHI - Union Law and Justice Minister M Veerappa Moily on Friday said the new competition law regime would bring transparency and lend a fillip to the market economy in the country.

“The competition law regime is still in an infant stage but in the manner in which it has grown, last one year is phenomenal. It is a measure, which is going to revolutionise the real economy of this country, the market economy of this country,” said Moily on the sidelines of the second International Conference on Competition Law here today.

” We need to do a lot on that. I would rather say we need to do a lot in the rural areas which I have already connected to you where the farmers, the consumers are not getting the real good deal. So the competition regime will herald an era where the competition will benefit the bottom of the pyramid of the society,” he added.

Veerappa Moily also noted this law would enhance transparency and deliver goods for the commoners.

The Law Minister on this score suggested the deals be done not behind the curtains but in the open.

“Transparency is the key note of this competition law. You know the competition if really done in secrecy or behind the back it can’t be called a competition. Competition will have to be objective, will have to be transparent and ultimately it will be a clean vehicle to deliver goods to the common man, for the common good,” said Moily.

International Academy of Law Founder Dr. Madhav Mehra, who was also present on the occasion, said that Competition Law is an economic law and must aim to secure economic justice.

The objective of the International Conference on Competition Law is to broad base the virtues of competition culture by sensitising consumer groups and other stakeholders on the benefits of competition to the common man as consumers. (ANI)