New Delhi, March 23 (IANS) Communications Minister Manoj Sinha on Friday said fair and healthy competition in the long run benefits businesses as well as consumers and the economy as a whole.
Delivering the valedictory address at the International Competition Network (ICN)’s 17th Annual Conference 2018, the Minister said competition is a catalyst for change and when it works well, the consumers are well informed as well as fully empowered.
Stating that competition has a positive impact on the economy at large, the Minister said: “Fair competition also leads to innovation because if a company is the sole player in a monopolistic market, there is hardly any rational or incentive for it to innovate and drive improvements in its products and services.”
Sinha added that collective enforcement is the need of the hour in the globalised world.
The three-day ICN Annual Conference was organised by the Competition Commission of India (CCI) from March 21-23 in the national capital which brought together more than 520 delegates from 73 countries.