Asserting that competition has benefited consumers, fair trade regulator CCI chief D K Sikri today emphasised on cooperation and mutual sharing between the regulators.
Addressing anti-corruption officials of various organisations at Central Vigilance Commission (CVC), Sikri said that competition is essential for the benefit of consumers, society and economy at large.
He said that there is a need for cooperation and mutual sharing between the two regulators i.E. CVC and Competition Commission of India (CCI).
CCI was set up in 2002 to fulfil aim of competitive economy and to curb the anti-competitive practises especially by means of mergers and acquisitions. "To promote and sustain competition, the regulators are needed in the market," Sikri said while delivering a lecture on "The Market Regulator: Exploring New Areas of Mutual Co-operation" organised by the CVC.
He gave example of certain sectors including telecom and aviation, where the competition has helped in enhancing the choices of consumers and giving them benefit.
At the same time, there are certain sectors where the fair competition is still required to give the real benefit to the economy and the consumers, Sikri said.
The CCI chief said that various factors such as cauterisation and collusion or nexus between the stakeholders lead to embezzlement of funds thus resulting in an adverse impact on the economy.
Elaborating on the issues related to procurement, Sikri said that this is the common area where CVC and CCI can play a role by mutual cooperation.
He said that there are various guidelines related to the procurement process in India, but still certain practises exist e.G. Procurement continuing for many years, limited number of empanelled vendors, no attempt to expand vendors on panel by the authorities, etc.
"To check these activities, regulators should explore areas of cooperation and the Chief Vigilance Officers (who work as anti-corruption official in a central government department) should be sensitised in this matter," Sikri said.
He also emphasised on the transparency in these processes.
