Mkts must work for many, not just for few: FM

Markets must work for the many and not just for the few, Union finance minister Nirmala Sitharaman on Tuesday said, adding that a sudden spike in online business and digital commerce globally has posed new challenges for competition watchdogs in protecting free markets.

- Rajeev Jayaswal

NEW DELHI:

Democratising the market principle is the key to safeguarding the spirit of liberalisation, she added, referring to India's policy shift in the 1990s. "The enactment of the Competition Act in 2002 was a landmark reform in India's journey from a centrally planned regime...to a market-driven one, and making the Competition Commission a key institution in safeguarding the spirit of liberalisation while checking its excesses," the minister said at the 16th annual day celebration of the Competition Commission of India (CCI).