Shri Arun Jaitley inaugurates new office building of CCI

Shri Arun Jaitley, Union Minister of Finance and Corporate Affairs, said the function of the Competition Commission of India (CCI)is going to expand further as the size of our economy is becoming large. This year, by sheer size, we have overtaken France. Next year, we expect to overtake the size of the England's economy and will become the 5th largest in the world. He said this while inaugurating the new office of the Competition Commission of India (CCI) here today.

While speaking on the role of CCI on the fast growing Indian economy, Shri Jaitley said, India can already see the ripples of a consumption economy in India. The exponential growth taking place in several sectors will lead to large number of domestic and international players. That size of economy is going to expand and some will not comply with fair market regulation, indulge in cartelisation, have vertical or horizontal tie ups, abuse dominant position to impact prices or dilute competition. Therefore, the regulatory mechanism to regulate all the Mergers & Acquisitions would be required. These changes to be extremely large and the impact on markets is going to be very large.

Shri Jaitely focused on the growth potential of eastern region of India while speaking on the growth pattern pan-India, “Over the next 10-20 years, we still have a lot of avenues for pushing up our growth. India has seen growth more in the north, south and western parts of the country. The eastern side has to still grow faster. We are expecting to see growth there.”

Acting CCI Chairperson Shri Sudhir Mital, Shri Injeti Sriniwas, Secretary, Ministry of Corporate Affairs, Members of the Commission, senior Government officials and advocates attended the inauguration ceremony.