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'''National Competition Policy''' is formulated by the [[Government of India]] with a view to achieve highest sustainable levels of economic growth, entrepreneurship, employment, higher standards of living for citizens, protect economic rights for just, equitable, inclusive and sustainable economic and social development, promote economic democracy and support [[good governance]] by restricting [[rent-seeking]] practices.<ref>{{cite web|title=National Competition Policy Constituted|url=http://www.caclubindia.com/news/national-competition-policy-constituted-10877.asp#.UBlxTaOMJCw| | '''National Competition Policy''' is formulated by the [[Government of India]] with a view to achieve highest sustainable levels of economic growth, entrepreneurship, employment, higher standards of living for citizens, protect economic rights for just, equitable, inclusive and sustainable economic and social development, promote economic democracy and support [[good governance]] by restricting [[rent-seeking]] practices.<ref>{{cite web|title=National Competition Policy Constituted|url=http://www.caclubindia.com/news/national-competition-policy-constituted-10877.asp#.UBlxTaOMJCw|website=www.caclubindia.com|accessdate=1 August 2012|date=10 January 2012}}</ref> [[Dhanendra Kumar]] was the Chairman of the committee which was entrusted the task of formulating India's National Competition Policy.<ref>{{cite news|url= http://www.mca.gov.in/Ministry/Draft_Policy.html |title= MCA draft - Ministry Of Corporate Affairs}}</ref><ref>{{cite news|url= http://www.pib.nic.in/newsite/erelease.aspx?relid=76123|title= Second Round of Consultations on the Revised Version of National Competition Policy Begins Tomorrow}}</ref> | ||
==Objectives== | ==Objectives== | ||
The policy is aimed at ushering in a second wave of financial reforms.<ref>{{cite web|title=New competition policy will bring down food prices: Moily|url=http://articles.economictimes.indiatimes.com/2012-02-06/news/31030615_1_competition-policy-competition-law-food grain-prices|publisher=The Economic Times|accessdate=1 August 2012|date=Feb 6, 2012}}</ref> The salient features of the policy are stated below: | The policy is aimed at ushering in a second wave of financial reforms.<ref>{{cite web|title=New competition policy will bring down food prices: Moily|url=http://articles.economictimes.indiatimes.com/2012-02-06/news/31030615_1_competition-policy-competition-law-food-grain-prices|publisher=The Economic Times|accessdate=1 August 2012|date=Feb 6, 2012}}</ref> The salient features of the policy are stated below: | ||
# To guarantee [[consumer]] welfare by encouraging optimal allocation of resources and granting economic agents appropriate incentives to pursue productive efficiency, quality and innovation | # To guarantee [[consumer]] welfare by encouraging optimal allocation of resources and granting economic agents appropriate incentives to pursue productive efficiency, quality and innovation | ||
# To remove anti-competition outcome of existing [[Act of Parliament|act]]s, harmonize laws and policies of Centre and [[Federated state|State]] and proactively promote competition principles | # To remove anti-competition outcome of existing [[Act of Parliament|act]]s, harmonize laws and policies of Centre and [[Federated state|State]] and proactively promote competition principles | ||
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Latest revision as of 13:54, 12 January 2022
National Competition Policy is formulated by the Government of India with a view to achieve highest sustainable levels of economic growth, entrepreneurship, employment, higher standards of living for citizens, protect economic rights for just, equitable, inclusive and sustainable economic and social development, promote economic democracy and support good governance by restricting rent-seeking practices.[1] Dhanendra Kumar was the Chairman of the committee which was entrusted the task of formulating India's National Competition Policy.[2][3]
Objectives[edit | edit source]
The policy is aimed at ushering in a second wave of financial reforms.[4] The salient features of the policy are stated below:
- To guarantee consumer welfare by encouraging optimal allocation of resources and granting economic agents appropriate incentives to pursue productive efficiency, quality and innovation
- To remove anti-competition outcome of existing acts, harmonize laws and policies of Centre and State and proactively promote competition principles
- Strive for single national market.
- Establish a level playing field by providing competitive neutrality'.
See also[edit | edit source]
References[edit | edit source]
- ↑ "National Competition Policy Constituted". www.caclubindia.com. 10 January 2012. Retrieved 1 August 2012.
- ↑ "MCA draft - Ministry Of Corporate Affairs".
- ↑ "Second Round of Consultations on the Revised Version of National Competition Policy Begins Tomorrow".
- ↑ "New competition policy will bring down food prices: Moily". The Economic Times. 6 February 2012. Retrieved 1 August 2012.
External links[edit | edit source]
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