Shri Jayant Sinha, Minister of State for Finance said that the present Government is pursuing a pro-poor economic policy, in which the importance of well-functioning markets cannot be over-emphasised. He pointed-out that the role of market and its importance to achieve the pro-poor objectives of the Government deserves better appreciation. He urged the CCI to emulate global best practices for the enforcement of competition law. Shri Sinha was delivering the Inaugural Address at the First National Conference on Economics of Competition Law organised by the Competition Commission of India (CCI) here tomorrow. The Conference was inaugurated by Shri Sinha. Shri Tapan Ray, Secretary, Ministry of Corporate Affairs, Government of India also present on the occasion.

Shri Jayant Sinha, Minister of State for Finance stressed the need for India to grab the opportunity of becoming a leader in competition law enforcement among the younger jurisdictions. In this context, he stated that it was incumbent upon the CCI to build a community of experts including academia, consultants, legal practitioners and professionals within the CCI.

Earlier, speaking on the occasion, Shri Tapan Ray, Secretary, Ministry of Corporate Affairs, applauded CCI for its commendable work. He stressed CCI’s crucial role in ensuring level playing field in the context of ease of doing business, which the present Government has been pursuing as a mission.

Shri Devender Kumar Sikri, Chairperson, Competition Commission of India, in his introductory remarks observed that the implementation of competition law needs to be judicious. He highlighted the need for a meaningful dialogue between law and economics so that the legal principles and economic perspectives are harmonised towards efficient, precise and prudent decision-making.

In his welcome address, Shri Augustine Peter, Member, CCI highlighted the fact that the focus on present day competition assessment is on the use of more economics – economic evidence, quality availability of data etc. in competition law enforcement.

Competition law enforcement must integrate economic analysis to ensure efficient markets and a level playing field. Competition law enforcement should prioritise integration of economic analysis to promote well-functioning markets and a level playing field; this requires adoption of global best practices, development of a multidisciplinary expert community within the regulator, judicious application of the law informed by economic perspectives, greater use of economic evidence and improved data quality.