With the existing competition regulatory apparatus working well, the Centre seems undecided on pursuing an earlier plan to frame a separate competition policy.

The Centre may for now settle with the current framework that comprises a competition law and fair play regulator Competition Commission of India (CCI) to foster competition in the country, Finance Minister Arun Jaitley said on Friday.

“This (competition policy) may or may not be needed. Where is the need when existing regulatory set up is already taking efforts to encourage competition,” Jaitley said in response to a query on draft competition policy that is awaiting government nod.

Meanwhile, in his CCI annual day lecture, which is the fourth in the series, Jaitley said that India should look to move faster on its current chosen path of an open economy where customers are benefited with more choices. He also favoured lesser government monopolies in the interest of promoting competition.

Jaitley also said that India was improving in the ease of doing business index and that recent initiatives like Insolvency and Bankruptcy Code will facilitate ranking improvements for the country.

“Bankruptcy code will facilitate easier exits. With the new regime, there will be significant improvement in this area,” he said. Jaitley also said that all existing regulators are functioning well and “the more we professionalise the regulators, the better it is for the economy”.

Replying to another question on discoms, Jaitley said that State discoms was one of the three large contributors to non performing assets in the banking sector.

More reforms was the need of the hour, especially to address the last mile problem, Jaitley added. .

To a question from a lawyer as to when the legal sector will be opened up for foreigners to practice here, Jaitley said that “you are the reason”, thereby indicating that it was the domestic legal fraternity that was opposed to any opening up.

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