Competition Commission seeks formulation of national policy

Vadodara, Feb 11 (PTI) The Competition Commission ofIndia (CCI) has written to the Centre seeking formulation of aNational Competition Policy, a member of the anti-trust bodysaid today.

The CCI wrote to the Government about six months forformulating a National Competition Policy and it is awaiting areply, Ratneshwar Prasad, a member of CCI, said whileaddressing the members of the Federation of Gujarat Industries(FGI) here this evening.

"The commission has stopped banks from collectingcharges from the customers for repayment of full housing loansbefore the tenure," he said.

Prasad criticised companies forming cartel and raisingprices by creating shortage of materials in markets.

"There is a need for competition for getting atcompetitive power tariffs for which more numbers of energycompanies are needed in the sector."

"The Competition Act, 2002 was enacted to prevent anti-competitive practises, promote and sustain competition,protect the interests of the consumers and ensure freedom oftrade," Prasad said, adding CCI was created by the Act.

"This Act brings India at par with the UK, USA and EUin regulating free market," he said, adding the commission isvested with both regulatory and quasi-judicial powers.

Prasad said this legislation has the potential toincrease the GDP of the country by 2-3 per cent by curbingunfair trade practises and breaking cartels, which hindergrowth.