The Union Corporate Affairs Minister, Mr M. Veerappa Moily, has said that the proposed new Competition Policy will help bring down inflation and boost growth.
In an informal chat with presspersons on the sidelines of a workshop on ‘Table-top airports and safety aspects', organised by the National Institute of Technology Karnataka (NITK) here on Saturday, he said that if the proposed policy is implemented, 50 per cent of the inflation can come down, and the growth will increase by 4-5 per cent. This is how competition policies have worked in Australia, New Zealand and many other countries, he said.
The draft of the new Competition Policy has been presented to the Prime Minister. It will also be put on the Ministry's Web site.
Stating that he is writing to all the Chief Ministers on this, he said after consulting all the State governments the Ministry will finalise it. Then it will be taken before the Cabinet, he said.
Earlier inaugurating the workshop, he said that India is expected to surge ahead of North America and Europe in the space of maintenance, repair and overhaul (MRO) in aviation sector in the next 10 years.
The Greenfield and Brownfield airport projects should have strong focus on setting up MRO facilities. The annual MRO market in India is expected to grow from less than $1 billion in 2010 to $2.6 billion by 2020, he added.