Competition Law Necessary For Small Market Players & Attract Investments: Suresh Chandra, CIC

The whole legal system operates under a scheme and has four components- basic principles and values enshrined in the constitution, rights and obligations contained in the various statutes, organisation structure of laws and legal personnel, said Suresh Chandra, Information Commissioner, CIC at the Bharat Legal Conclave hosted by Assocham.

Talking about competition law he added, “In developing economy like ours, new competition policy is expected to play a dual role of raising the power of underprivileged economic agents to become participants in the process of competition on the one hand and of establishing the rules of fair and free competition on the other. Fair and free competition is vital for the requirement for sustained economic growth.”

Additional Secretary, Ministry of Law & Justice, Rajiv Mani said that the Indian legal system should be reinvented to meet the challenges of present times and achieve improved reforms and judicial efficiency by 2047 under Azadi ka Amrit Mahotsav. There is a need to examine the existing obsolete laws that hinder the legal framework. 

“We should strive to improve access to justice by the use of technology and alternative dispute management systems for ease of doing business. Several parameters can help reduce the compliance burdens for businesses. Jan Vishwas Bill has decriminalized many laws, taking all stakeholders in mind,” Mani said.

He further said that the new reservation system of women in parliament and legislative assembly was a groundbreaking step and it is a time to empower young minds with legal education.