We are in the throes of an urban crisis. A McKinsey Global Institute study released in 2011 predicted that India’s population in cities will balloon from 340 million in 2008 to 590 million by 2030. In other words, in another 15 years, 40 percent of India’s population will be resident in cities and towns. More important, India’s cities will generate 70 per cent of the jobs available by 2030. However, civic infrastructure is not keeping pace. According to the Union ministry for housing and urban poverty alleviation, the shortage of homes in the country is 24.7 million units; and the ministry estimates the number of people living in slums has grown from 52 million in 2001 to 66 million in 2011, accounting for nearly 25 percent of Urban India. How do we meet the civic demands of such rapid and unplanned growth? How do we transport millions of people over these huge urban sprawls? Trying to meet the huge backlog of urban deficit and disarray, the Narendra Modi government at the Centre has identified ‘Urbanization’ and ‘Housing’ as its focus areas. The 2014 Union budget speech by Union Finance Minister Arun Jaitley declared the building of 100 ‘smart’ cities as its long-term goal; and an allocation of Rs 7,060 crore was announced for the planning and development process. Simultaneously, ‘Homes for All by 2022’ is now a target slogan.To discuss these significant challenges, BW/Businessworld convened a conclave: ‘Building Urban India the Smart Way’ bringing the best minds in government and the private sector, as well as experts in planning, transportation, housing, and civic infrastructure on one platform at New Delhi’s Hyatt Regency on 6 February. Holistic Smart CitiesIn her inaugural address at the packed session, Isher Judge Ahluwalia, Chairman, Board of Governors, the Indian Council for Research on International Economic Relations (ICRIER), said that the discussion and mobilisation around building greenfield ‘smart cities’ will give a positive push to creating a more sustainable Urban India. The promise of the new government to build 100 smart cities will require not only new technology but also drastic reforms in the political and institutional environment in which our cities function. The focus needs to be on connectivity, integrated land use and transport planning, and environmental sustainability.Urban planning has always been in silos, but for smart cities we should open a new account, Ahluwalia said. For example, within the framework of master plans, there is a sanitation policy, an urban transport policy, and so on; but what is required is to bring these together and see how to make it all work within our federal framework. This is required as cities have to play a very important role as engines of growth as our economy goes through significant structural transformation. There is going to be more migration from rural to urban India; urban GDP accounts for about two-thirds of the total GDP at present, and by 2031 it is expected to constitute three-fourths of the total, she said. On the existing cities that need refurbishment, Ms Ahluwalia said that even within the confines of the current policies, it is possible to do far better. The Government of India and the state governments will also have to play a major role in building the capacity of local governments for urban planning and city management. With political empowerment and greater devolution of functions, finances and functionaries, city governments can rise to the occasion by responding to the growing challenges of urbanisation – and be held accountable.Drawing attention to her book ‘Transforming our Cities’, Ahluwalia said she had attempted to capture the success stories of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) including town planning schemes for urban expansion in Gujarat, how Nagpur has worked towards a 24x7 water supply system, and how Navi Mumbai has taken to treating of wastewater for reuse. These smart but scattered initiatives need to be brought under one comprehensive plan. Housing For AllIn the module ‘Housing for All By 2022’, vice-chairman of Delhi Development Authority (DDA), Balwinder Kumar, said public bodies such as DDA need to intervene to provide the necessary push to affordable housing. DDA will bring in 62,000 homes in the ‘affordable’, under-Rs 20 lakh category in the next few years, he revealed. Kumar also said to provide more services and to generate more revenue, the government had decided to increase the Floor Area Ration (FAR) along 500 meters on either side of the Metro corridor in the national capital. He also said a mixed-use policy would be implemented for this corridor. P.K.Das, town planner and architect, giving the example of Mumbai, said in the guise of redevelopment schemes, builders were taking away slum lands to create a stock of upper and middle-class housing. To ensure wider equity and supply of homes for the poor, he suggested reserving all slum land in the master plan for small, economical units. “Housing for the poor cannot be provided by beating around the bush and providing schemes of fringe benefits. Adequate land reservation is a must in Development Plans. We should also declare slum-occupied lands as reservations for affordable housing without trading these for high cost development,” he said. Replying to the moderator Yatish Rajawat, Ashish Karamchandani, Managing Director of FSG Group, said it was myth that affordable and low budget homes were not commercially viable. Pointing to atleast a dozen developers in this category like Vastushodh Developers of Pune, he said there is a strong role the private sector can play in meeting the goal ‘Housing for All’ and compliment government efforts. There is a need for housing across income segments – from the really poor, who need significant support, to lower income families with household incomes of around Rs 10 a year. “There are 10 housing finance companies that have given over Rs 2,500 cr in loans to informal sector customers to help buy these homes. But the need is millions and we need policy changes and government support to scale this,” he said. In another session on urban laws, Colin Gonsalves, a public interest lawyer, pleaded for a more humane approach to giving titles and rights to the urban poor. “The current maze of laws are heavily loaded against slum-dwellers, and allow for summary evictions,” he said. Rapid Transport SystemsIn the panel discussion on: ‘Building Rapid Transport Networks’, Mangu Singh, Managing Director of Delhi Metro Rail Corporation (DMRC), said that the country had lagged in adding urban infrastructure in the past years. This was mainly because we lived under that impression that India is a country that lives in rural areas and both policy and decision makers had, for years, worked with a rural mindset. The answer to the people’s woes was to build efficient public transport systems. This does not mean only a rail metro. “It has to be a well-thought-out, well-integrated mix of all possible means of public transport,” he said. “Unfortunately, the availability of easy finance and the prestige attached to owning a car in our country has led to a large number of cars on the road, which was adding to the congestion,” he added. Talking of the success of the Delhi Metro, Mangu Singh said a CRRI study that had looked at benefits like saving time, saving greenhouse gas emissions, and improving safety and quality of life, had revealed that the return is as high as 23 percent annually. This means the entire investment comes back to society in just 4.5 years. He however pointed out that a city like Delhi cannot have an efficient transportation system unless all other modes of transport are integrated. People also talk of extending the Metro to Sonepat, Meerut, and Aligarh. “Metro means ‘metro’. Talking of connecting villages and rural areas is not possible as the Metro focuses on providing intra-city transport. Sanjay Ubale, MD & CEO of Tata Realty and Infrastructure, said that though Mumbai had an efficient rail network with a huge carrying capacity, people continue to use cars as the overcrowding and heat in the non-airconditioned railway rakes is a real deterrent. Shreya Gadepalli, Regional Director of the Institute for Transportation and Development Policy (ITDP), a think tank that is helping many cities improve public transportation, pointed out that though less than 5 percent of the people use cars, these vehicles hogged more than 80 percent of the road areas due to the lack of mass public transportation. Pitching Bus Rapid Transport (BRT) Systems as an alternative to expensive metro systems, Gadepalli gave the example of Ahmedabad’s BRTS called ‘Janmarg’. It started in 2009 on a 12.5 kilometre corridor, and has since expanded to provide fast, air-conditioned and efficient services on a 88-km network today. Concluding the session, moderator of the session Preeti Singh quoted Enrique Penalosa, former Mayor of Bogota and the pioneer of BRT systems. “An advanced city is not one where even the poor use cars but rather, one where even the wealthy use public transport.”Defining Smart CitiesDefining smart cities as modern, efficient habitats which are supported by technology to make the quality of life for its citizens smooth and hassle-free, M K Singh, CEO of Delhi-based Umang Realtech, said as much as $ one trillion was estimated to be the cost of setting up the targeted 100 smart cities. In planning these cities, Ranjit Sabhiki, a town planner and architect who has worked on Delhi’s master plans said, “Housing for the economically weaker section (EWS) will form a major component of these new urban centres, as 70-75 percent of the population will consist of villagers who will need cheap rental accommodation.” Currently, urban planning is dominated by the providing homes and spaces for the rich and upper classes, leaving the poor to fend for themselves. “For the proposed new smart cities a completely different planning approach is called for. More detailed urban design is required, along with careful planning of the EWS residential areas. Complete sectors of affordable housing on areas of 25 to 50 acres need to be planned around shared communal facilities which include hospitals, schools, police station, fire brigade, electric sub-stations, and open space for recreation,” he said.Rajeev Talwar, executive director, DLF, came down heavily on the government for creating bottlenecks, and regulatory speed breakers. He pooh-poohed ‘affordable’ proposals for housing the poor as attempts to push these sections ‘down under’ instead of raising them to the level of the middle class. On the other hand, Ashok Bajpai, MD of international security firm GS4, said good governance in the coming smart cities must aim at cutting down on large numbers of government staff that currently are expensive and inefficient. Giving the example of the western societies, Bajpai said: “GS4 as a private security firm today runs prisons and police operations in several world cities. There is no reason why we can’t replicate it in India.” In another session on financing Smart Cities and the new Urbanisation programme, panellists pointed out that the government had no idea on how this would be raised and what would be the cost of funding these projects. So far, just Rs 7,060 crore had been sanctioned, and that too presumably to set up the planning process. Deloitte partner Arindam Guha had suggested a figure of Rs 6 lakh crore or around $100 billion. Another estimate puts it at $ one trillion. Union Minister for Urban Development K Venkiah Naidu estimated the cost to be “lakhs of crores” and he suggested putting together a public-private partnership (PPP) model which would be aided by viability gap funding through involvement of local bodies and state governments. Pointing to this maze of imponderables, Sunil Rohokale, MD & CEO of ASK Investment Holdings, said that the absence of concrete projects, and specific investment opportunities so far had failed to enthuse international investors for the smart cities programme. Anshuman Magazine, CEO of realty broking house CBRE, said the legalization of the Real Estate Investment Trusts (REITS) however would bring in private capital into the property market and help kick start city infrastructure projects. Investing in property through REITs will allow even small investors to buy property assets through ownership of REIT shares, he said. However, in the discussion that followed, it was pointed out by participants that REITs had been in the pipeline for over 5-7 years, and there was still no sign on an enabling notification. Further, delegates were also critical of the government not defining or notifying the ‘100 smart cities’ it had spoken about. The closing address was delivered by Union Minister for Railways, Suresh Prabhu. The proposals thrown up at the conclave have been documented and can well become drivers for the new Union Budget and beyond.
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In a relief for Jindal Steel and Power Ltd (JSPL) and its promoter Naveen Jindal, Delhi High Court on Wednesday (11 February) directed a technical committee to review its own decision to change the end-use of two coal blocks earlier alloted to the company and removing the mines from the auction. A bench of justices Badar Durrez Ahmed and Sanjeev Sachdeva took out Utkal B1 and B2 blocks in Odisha and Gare Palma IV/6 in Chhattisgarh, from the auction process, saying that while changing end-use of these blocks to power sector, the aspect of its adverse impact on steel sector "has not been considered". It also directed the committee, which had been set up to classify coal blocks as well as formulate criteria for their auction and allotment, to review its decision to merge Utkal B1 and B2, saying "there was no application of mind". JSPL had been allocated Utkal B1 for operating a steel unit and Gare Palma IV/6 for a sponge iron industry. However, the allocations, along with with others, were cancelled by Supreme Court last year. JSPL had contended that change of end-use of these blocks from steel and iron to power has prevented them from bidding for them, which could result in their investments of over Rs 24,000 crore, to set up units close to these mines, going waste. Government, on the other hand had contended that end-use of both blocks was changed in view of the "energy security of the country". Disagreeing with the government's reason for changing end-use, the bench said the expression "energy security of the country" refers to the coal reserves and not to the power sector and added that power can be generated through various other sources - water, wind, nuclear, solar, etc. It observed as per the Coal Mines (Special Provisions) Second Ordinance, 2014, "it cannot be concluded that power has been given priority over steel and other sectors. On the contrary, all the core sectors have been placed at par." "Consequently, we direct that Utkal B-1 and Utkal B-2 be taken off from the subject auction and the specified end-use as also the issue of their merger be reviewed in the light of the discussion above before they are put up for auction again. The same, as regards specification of end-use, would apply to Gare Palma IV/6, which is yet to be put up for auction," it said. Referring to the records of meetings held by the technical committee prior to taking its decisions, the bench in its 73-page judgement said the panel "ignored" the "vital aspect" of impact on steel sector on account of changing the end-use of coal blocks Utkal B1 and Gare Palma IV/6. The court asked why the committee's criteria for specifying end-use was not uniformly followed, while noting that both the blocks fit the criteria for steel and sponge iron but were changed to use for power. It also questioned the lack of reasoning in the panel's records with respect to why geological reserves were considered by it while classifying mines for a specific end-use, instead of extractable reserves when "there is a reference to extractable reserves in eligibility conditions". It also observed that end-use of power "would include generation of power for captive use" and said "this is the legislative intent and the same cannot be altered by executive action". The government had excluded captive power from generation of power for captive use. The bench also agreed with company that the apex court "was not concerned with the future manner of allocations/ allotments/utilisation of the coal blocks." "The cancellation of the coal block allocations cannot be regarded as a circumstance which would make the consideration of end-use for the purposes of future allocation irrelevant. "In other words, while the investments made by the prior allottees were construed as irrelevant for the purpose of cancellation, it does not follow that the end-use earlier specified in respect of the previous allocations would be irrelevant for the purposes of future allocations," it said. (PTI)
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We are already halfway through in the XIIth Five Year Plan (2012-17) where it was anticipated that at least a trillion dollar investment would be needed for funding the infrastructure development. The reality is that the current level of investments is nowhere near the expectation. The infrastructure sector is in dire need of long term investments, fiscal incentives and an investor friendly atmosphere, and the first full budget (Budget 2015) of Modi Government provides the ideal opportunity for the FM to fast track investments in the infrastructure asset class through some strategic fine tuning of current investment policies and tax framework. Brownfield Projects/General Infrastructure BondsRefinancing brownfield infrastructure projects through the existing avenue of Infrastructure Debt Funds (“IDFs”) should be further explored. Specifically allowing FDI in IDFs established as NBFCs, re-instatement of deduction on subscription to infrastructure bonds under Section 80CCF of the Income Tax Act, 1961 (“Act”) and increase in the minimum limit to at least INR 50,000 are options to be considered.National Infra FundTo meet the humongous funding requirements, a National Infra Fund may be created which can be funded through levy of a nominal cess as tax-on-tax on the Taxes (corporate, income, customs, excise and service tax). Imposing infrastructure cess on a nominal rate on consumption of petrol and diesel etc may also be considered.Tax MeasuresMeasures like express exemption from minimum alternate tax for transfer of assets from SPVs to InviTs, abolishing minimum alternate tax applicable for infrastructure projects availing tax holiday under Section 80-IA of the Act, extending the tax holiday to upgrading, refurbishing and augmenting of existing infrastructure (which was allowed only for transmission and distribution lines) and allowing amortization of development cost under the ‘build-operate-transfer’ model are also recommended. Consortiums for EPC and other infrastructure projects should be excluded from the definition of ‘association of persons’ under the Act, by an amendment.Power SectorAllocations to the National Electricity Fund for further interest subsidy loans and debt restructuring to redress the situation of DISCOMS, equity support, debt restructuring and creation of a power sector fund for power generation companies, are some of the options for the power sector. Re-instating depreciation rate on wind mills to 80%, service tax exemption to transmission/ distribution activities by power generating companies essential for sale of power, extension of benefits of section 32AC of the Act to power generating companies and DISCOMS, may be considered.Smart CitiesKeeping in view the large funding requirements for developing 100 Smart Cities, earmarked allocations by way of ‘grants-in-aid’ from the Consolidated Fund of India to the States for devolving to municipalities involved in developing smart cities should be considered. To provide access to debt markets for the cities to fund funding water supply, sanitation, solid waste management and other municipal/urban services, reviving the current municipal bond market through budgetary allocations to cover portion of project costs to be borne by municipal authorities on issue of municipal bonds, notification of such bonds under Section 80CCF of the Act are some other recommendations.Roads, Ports, Railways, Linkage Projects and Infrastructure Service ProvidersCreation of a national road infrastructure fund providing interest subsidy loans, for reducing the financial stress on concessionaires is recommended. Dedicated budgetary allocation should be made earmarked for public grant (or through VGF) in road and rail road linkages PPP projects connecting mines and industrial zones to ports. Extension of benefits of Section 80-IA of the Act to the incidental and ancillary support services to Infrastructure Facilities (as listed under 80-IA) may be considered. Further to introducing FDI in key areas, collaboration with state governments for modernisation of railways should receive budgetary support. In the previous budget, the Finance minister made allocations for metro projects in two cities. With the focus on development of urban infrastructure, it is recommended that such allocation be made for development of metro rail projects in other cities as well.Oil & GasExtension of tax holiday under Section 80-IA of the Act to exploration and production of natural gas, extension of deductions under Section 42 of the Act for prospecting, exploration or production expenditure incurred by Indian companies from blocks abroad, extension of duration of benefit under Section 80-IB of the Act from 7 years to 10 years, extension of such benefits to natural gas under Section 80-IB irrespective of the round of NELP under which the exploration, prospecting or production contract was awarded and exemption from minimum alternate tax are some of the expectations from the oil and gas sector.Urban InfrastructureTo attract greater private participation in the urban infrastructure sector, a change in the viability gap fund regime, by which instead of 20% of the project cost, amounts up to 30% of the total project cost may be financed through VGF, can be considered. The tax holiday under Section 80-IA of the Act should be extended to such urban infrastructure projects by specifically including all such urban infrastructure projects in the definition of ‘infrastructure facility’ and not limit it to water supply project, water treatment system, irrigation project, sanitation and sewerage system or solid waste management system.Contributed by Amitabh Sharma, Partner, Khaitan & Co.
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DLF Ltd, India's largest real-estate developer, reported a 9 percent fall in quarterly profit late on Monday, hit by sluggish home sales in Asia's third-largest economy. The company, which builds homes, offices and shopping malls, said net profit for the October-December quarter fell to 1.32 billion rupees ($21.26 million), from 1.45 billion rupees a year earlier. Income from operations fell 5 percent to 19.57 billion rupees, the company said in a statement, adding that it "expects sales volume of residential products to reach normal volumes in the next 12 to 18 months." High prices and a slow economic recovery have delayed home buying. But with the inflation easing, the central bank last month cut interest rates by 25 basis points to 7.75 percent - a move that could improve buyer sentiment and revive sales. DLF, India's most indebted property company, has also been barred from capital markets by the Securities and Exchange Board of India (SEBI) for failing to disclose key information at the time of the company's record-breaking 2007 market listing. The developer, which had net debt of 203.4 billion rupees at end-December, has appealed the SEBI order with India's Securities Appellate Tribunal. DLF is also fighting against the country's antitrust watchdog, which has levied a fine of 6.3 billion rupees on the company for alleged anti-competitive practices when selling homes.
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India's coal imports in January fell 21 percent month-on-month as state-owned Coal India Ltd ramped up supply from new and existing mines, online trader mjunction said, a trend that is likely to continue this month. Imports into the world's third-largest coal buyer is estimated to have risen 3 percent to 15.79 million tonnes in January from a year earlier. Shipments were, however, much lower than the revised figure of 20 million tonnes for December, mjunction said. January imports were also affected by Christmas and New Year holidays, said Viresh Oberoi, chief executive and managing director of mjunction. "We anticipate that imports in February will not deviate much from the January levels largely on account of better availability of domestic coal even as prices were soft in January for steam coal of almost all origin, which Indian companies generally import," Oberoi said in an email. Though below target, Coal India's April-January output rose 6 percent to 389 million tonnes as it opened new mines and got environmental clearances to raise output from operating mines. India's January imports included 12.76 million tonnes of power-generating thermal coal and 2.40 million steelmaking coking coal, according to port data from mjunction, a joint venture of Tata Steel and the Steel Authority of India Ltd. The government does not regularly release coal import figures. (Reuters)
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India could start installing 20,000 megawatts of solar power capacity as early as April after companies pledged to support the government's drive for clean energy, an official said. The solar power plan has drawn commitments from US, German and Chinese companies, said Upendra Tripathy, secretary of the Ministry of New and Renewable Energy. "We have got commitments from very established industry, both foreign and domestic for next year," he said in an interview. Foreign companies will be allowed to decide where they manufacture the required equipment, he told Reuters. The rapidly falling cost of solar power, which is expected to reach parity with conventional energy by 2017, has ignited interest in its potential in India. Prime Minister Narendra Modi has looked to industry for help in funding what could be a $100 billion expansion in clean energy. For its part, the government will have to find the land required to build the solar panels on. Modi aims to make India one of the world's largest renewable energy markets, targeting 100,000 MW of output by 2022 from just 3,000 MW currently. One megawatt can power roughly 1,000 US homes although this varies widely, depending on the amount of heating or cooling needed, for example. Despite more than 300 days of sunshine a year, India relies on coal for three-fifths of its energy needs while solar supplies less than 1 per cent. US-based First Solar and SunEdison Inc, Canadian Solar and China's JA Solar are among the companies keen to expand into India. Yet analysts say India's target will be difficult to reach given the weak finances of electricity distribution companies that would buy in solar energy and the slow pace at which land for plants is made available. "There's a lot of interest, but there are concerns as well," said Ajay Goel, chief executive of Tata Power Solar, one of India's largest solar manufacturers and a unit of Tata Power Ltd. "Who is buying the power and do they have the ability to pay?" Essel GroupEssel Group has signed an initial agreement with the Rajasthan government for setting up solar parks at Bikaner and Jaisalmer at a total investment of Rs 4,000 crore. "Essel Group has signed a memorandum of understanding (MoU) with the Government of Rajasthan to develop Solar Park at Bikaner and Jaisalmer with the total investment of Rs 4,000 crore," the company said in a statement. The group is also interested in developing major infrastructure projects in the state for verticals like roads and waste to energy, the statement said adding, going forward, Essel group will explore and endeavour to setup manufacturing facility for solar PV module in future. Essel Infraprojects Ltd is Essel group's flagship infrastructure company with verticals like core infra, green and integrated utilities. EIL under its core infra has portfolio of 3,644 kms of road projects across the country whereas its green vertical has commissioned solar projects at Osmanabad (Maharashtra) and Gulbarga (Karnataka). Essel has emerged as major player in solar power generation with upcoming solar project in Tamil Nadu. (Agencies)
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As per a Colliers International report, Mumbai's office real estate market is expected to witness a surge this year after years of falling annual absorption. The findings in the "India Office Trends To Watch For In 2015" report pointed that the next six months will see a boost in Mumbai's commercial demand from prospective tenants seeking quality office space. Nishit Agarwal, Associate Director, Office Services Mumbai says, "With a stable government and a strong mandate to stimulate economic growth, demand for real estate sector will pick up over the next 12 to 18 months. Real estate transaction volumes are beginning to see a gradual turnaround and we are already witnessing a trend of moderate to healthy leasing and sales activity. E Commerce companies, dot com companies, apart from conventional BPO and Software Development, along with the BFSI and Pharma sectors will likely to be the major occupiers in 2015." The increasing demand coupled with lack of the new grde A supply is expected to benefit the landlords. While there will be an upward pressure on rentals for such properties, the overall rental values are expected to remain stable on account of the addition of 11 million sqft of new supply expected in the second half of 2015. This will negate the upward pressure on rentals, which are expected to remain stable. Going back to 2014, the total annual absorption of 3.12 million sqft was 44 per cent lower than that in 2013 which stood at 5.6 million sqft. There was also a decline in the average deal size. Over 60 per cent of the transacted deals were in the area range of 5,000 to 20,000 sqft. The BFSI segment was the main contributor to this demand, with a 39 per cent absorption share, followed by engineering (15 per cent) and IT/ITeS (8 per cent). Goregaon, Malad and Andheri East remained the most preferred locations among occupiers and had about a 32 per cent share of the total absorption, followed by Thane (19 per cent) and BKC (18 per cent).
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Coming hard on real estate players across-the-board for "exploitative conduct" and unfair trade practices, the Competition Commission of India (CCI) has asked them to mend their ways, but stopped short of penalising them due to lack of evidence. The fair trade watchdog also said there is an urgent need for a strong regulatory mechanism and immediate legislative steps to safeguard the interest of buyers in this sector. Disposing of a case against 21 realtors and their industry body CREDAI without any penal action, the fair trade regulator asked them, as also all the players in the sector, to "take appropriate voluntary measures to address the concerns". Noting that the sector lacks "market pressure" to prod the players to improve their services, the CCI also called for "immediate and urgent" legislative steps to enact a law which will supplement the existing regulatory architecture to address the buyers' grievances through a mix of structural and behavioural remedies. The observations have been made by the CCI in its 127-page order following a probe against 24 entities, which included 21 real estate firms such as Amrapali, Ansal, BPTP, Omaxe, Oberoi Realty, Parsvnath Developers, Puravanakara, Supertech, Unitech and Tata Housing Development Company. The CCI said it is not taking any penal action as the complaints against them related to abuse of dominant position and for anti-competitive arrangements, for which there were not sufficient evidences. "Notwithstanding the findings recorded in this order, the Commission is of the firm opinion that issues raised by the Informant are not only pertinent but need to be addressed by the policy makers and regulators through appropriate legislative tools in tandem with the self-regulatory role played by CREDAI," it added. In the present case, due to the nature of the market structure, sufficient evidence was not found to establish an arrangement spanning across the regions and players. "Notwithstanding the findings of the Commission on this issue, it is nobody's case that the sector does not suffer from lack of competitiveness and consequent unfair conduct resorted to by the players," the CCI said. (PTI)
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