New Delhi, Sep 3 (KNN) Only establishing regulators will not solve problems facing any sector. It should be backed by efficacy of the regulators to implement the regulatory provisions in letter and spirit, said Suresh Prabhu, Minister of Railways, at the book release event organised jointly by CUTS International and CUTS Institute for Regulation & Competition (CIRC).

Prabhu was speaking at the launch of the report “Competition and Regulation in India, 2015” published by CUTS and CIRC. In his address, Prabhu stressed upon efficiency and efficacy in the regulatory governance framework of India to foster competition in each and every sector. He lamented the fact that our markets are quite fragmented and thus competition is thwarted.

“We have finally prepared solid grounds for an FTA with India” said Mehta, while congratulating the government and the opposition to pass the much awaited Goods and Service Tax (GST) bill in the parliament as the most effective competition reform which would enhance integration of the national market.

Arjun Meghwal , Minister of State for Finance and Corporate Affairs in his address  stressed on the benefit of GST for India and government initiatives on “One nation, one taxation”.

Meghwal highlighted that competition and regulation should ultimately deliver consumer welfare and therefore function keeping the ultimate consumer in mind. 

“Corruption in the system is a big issue and it can only be changed with the change of attitude of persons dealing with it. Even after a proper regulatory governance framework in place, corruption has never made any system work properly” Meghwal asserted.  (KNN Bureau)