India: A National Competition Policy is Essential for Growth in a Free Market Economy

India badly needs a National Competition Policy. In this context, one needs to recapitulate whether India has utilized the full potential of growth envisaged after our historic shift from a “state-controlled” economy to a “free market” economy and if not why? Have we been able to introduce a culture of competition in our markets which leads to efficiencies and higher productivity and hence higher growth and is the most essential ingredient for success of free market economy structure? Let us look back.