Ecomm Cos are Benefiting Customers While Promoting Competition: Jaitley

Advent of e-commerce has completely changed the nature of how business is done and has also made the market more competitive, finance minister Arun Jaitley said on Friday.Speaking at the annual lecture of Competition Commission of India (CCI), Jaitley said innovative technology being used by e-commerce companies were benefiting the customers while promoting competition.

“E-commerce has provided widest possible choices of goods to the consumers at most competitive prices at click of a button,“ Jaitley said adding, “Competition will provide quality of services and products to the consumers at competitive prices.It promotes innovation, efficiency and quality.“

Jaitley also said that absence of competition in railways and state transport undertakings has kept consumer deprived of world class facilities.“Whereas, in the civil aviation sector which was open to competition, the customer gets best of the facilities along with competitive fares,“ he said.

The minister said India should move faster on its current path of an open economy where customers are benefited with more choices.

He also favoured lesser government monopolies in the interest of promoting competition. “Socialism creates government monopolies where government decide what to produce and how much to produce leading to a shortage economy. Whereas, competition gives wider choices,“ he said.

Jaitley also said India was improving in the ease of doing business index and recent initiatives like Insolvency and Bankruptcy Code will facilitate ranking improvements for the country . “The sick industrial companies act was hardly ever able to resolve the problem. No investor would invest in a sluggish economy where there are entry barriers and no option to exit. With the bankruptcy code, we are sure things would change. With the new regime, there will be significant improvement in this area,“ Jaitley said.

Replying to question on discoms, Jaitley said discoms accounted for one-third of non-performing assets of the banking sector and more reforms were needed.

Ever since its inception in 2009, CCI has looked into over 700 cases of anti-trade practices.

Source: The Economic Times
Advertisements

Author:

Neeraj; an entrepreneur & a visionary in the field of Railway, Defense & Automobiles, is a graduate in commerce and a Harvard Business School Alumni. He’s an expert in govt. liasoning & contracting and has an exceptional network & connections at both local as well as global level. He’s an expert in Market Strategy & Planning and has served number of overseas companies as an advisor/consultant. He takes a profound interest in upcoming startups & is very receptive towards ground-breaking ideas & innovations. He likes to brainstorm those ideas and if the values & philosophies matches; he is even ready to invest his resources, serve as a mentor or act as an incubator to futuristic businesses.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s