Cii, Ficci Hail Raghavan Report

Apex chambers -- Ficci and CII -- have welcomed the submission of the Raghavan Committee report on Competition Law Policy. The committee has proposed a repeal of the Monopolies and Restrictive Trade Practices (MRTP) Act, 1969, and the MRTP Commission (MRTPC).

In a statement, CII welcomed the submission of the report, adding that it "marks another milestone in the economic reforms process of the country."

Commenting on the repeal of the MRTP Act and MRTPC, Ficci President, G P Goenka in a statement said "these types of institutions have lost their relevance in the present day situation. What is required is a strong law to monitor and calibrate the dynamics of competition."

 

Goenka has also welcomed the proposal of the Raghavan report that the newly constituted Competition Commission of India (CCI) should be a multi-member body represented by "persons of integrity from judiciary, economics, law, international law, industry, accountancy, public affairs and administration."