By IANS,
Kolkata : A new National Competition Policy that will address issues like wealth creation, inflation and growth is likely to come into effect from next year, union Minister of Corporate Affairs M. Veerappa Moily said Monday.
Stating that the policy should have come before the competition law, he said: “I would like to see the entire competition law revised by appropriate amendment. By December 2011, I would like to have the competition policy launched in the country… a new regime of competition policy particularly after Jan 1, 2012.”
Addressing a gathering at an event organised by the Indian Chamber of Commerce (ICC), he said monetary policy alone could not tackle high inflation rate. “I can tell you competition policy can bring down inflation up to 50 percent. If the policy is effective, then that is the best instrument to control inflation.”
Moily’s ministry is also working on a corporate governance policy to be placed before the cabinet for approval.
“I would like to come out with a comprehensive corporate governance policy,” he stated.
He said the Companies Bill, 2009 was likely to be placed in the winter session of parliament.
“The new bill sent to the standing committee for approval is likely to be presented during the winter session of parliament,” he added.