The Competition Commission of India and sector regulators need to coordinate for the regulatory mechanism to be more effective, Mr Dhanendra Kumar, Chairman of the Competition Commission of India, said here on Tuesday.
There is a greater need for a more inclusive consultation to act and take policy decisions, Mr Kumar told an international conference on ‘Reviewing the Global Experience on Economic Regulation', organised by CUTS International and CUTS Institute for Regulation & Competition. Over 60 experts from around the world are taking part in the two-day conference.
Speaking at a session, Mr Arun Maira, Member, Planning Commission, said, “It is important to identify indicators of market failure and do necessary readjustment in the system of economic governance.
An effective regulatory mechanism is an essential requirement for that to happen smoothly.”
Delivering the keynote address, Dr C. Rangarajan, Chairman of the Prime Minister's Economic Advisory Council, said that well-functioning markets and regulatory failures co-exist in a real world.
He said it was critical for governments involved in designing regulatory institutions to be aware of three main objectives of economic regulation -- promote investment, protect consumers and catalyse efficiency in the production process.