Corporate Affairs Minister M Veerappa Moily said the National Competition Policy would be in place by next month-end. Speaking at a function in New Delhi, Moily said he would soon move the Cabinet and the country would have the National Competition Policy by March. The Minister said he expected this policy to trigger the second generation of reforms after 1991.
Making a strong pitch for the policy, he said the advantages were plenty and, in fact, after such an initiative was introduced in the US, prices of petroleum products came down by 50 per cent.
Moily said the policy can trigger 4 to 5 per cent more GDP growth in the country and attack inflationary trends. The policy is a tool to unleash economic growth and create jobs. He also said his Ministry planed to come out with a national corporate governance policy.
The minister said his ministry would consult corporate leaders to select a figure to draft this proposed national corporate governance policy. He said this policy would set standards.
He emphasised that the proposed policy would spell out risk factors, on innovative steps to be taken by corporates and stress on dynamic and inclusive growth.
