Competition and regulation are the two mechanisms which can ensure that the ''Invisible Hand'' of the government works to the advantage of the society, Infosys founder NR Narayana Murthy said today.
''Competition Brings out the best in any company and leads to innovation, new ideas, services and products,'' Murthy said, adding that regulation should ensure swift and fearless decisions. These two mechanisms can ensure that development works to the advantage of the society, Narayana Murthy said.
He was delivering the keynote address at the 6th Annual Day Lecture on 'Creating a Better India - Musings on Economic Governance Ideas for India' organised by the Competition Commission of India in New Delhi.
He stressed that trust and confidence in the regulators are important to attract more and more entrepreneurs to start businesses. Within such system, he indicated roles which the government has to discharge, viz:
- Unanimity of conviction and integrity of belief among all political parties that solution to the problem of poverty is through elimination of friction to businesses and entrepreneurs and by creating more jobs;
- Translating this conviction by speedy action to ensure growth of the economy and creation of better jobs;
- Creating an independent and meritocratic judiciary with up-to-date technology, and knowledge of modern, global judicial practices and judgements;
- Introducing transparent and stable taxation policy; and
- Using tax money wisely and efficiently to make life better for the poor by investing in education, healthcare, nutrition and shelter.
Competition Commission of India (CCI) Ashok Chawla in his address highlighted the various achievements of the commission so far. He also spoke of the initiatives undertaken by the Commission for speedy and efficient disposal of cases. He also announced the launch of a comprehensive e-governance project which would also facilitate electronic filing of cases and M&A proposals.