Role of regulators are important for entrepreneurs to start businesses: Narayana Murthy
Updated: May 21, 2015 01:22:41pm
New Delhi, May 21 (KNN) Founder of Infosys Ltd, NR Narayana Murthy stated that trust and confidence in the regulators are important to attract more entrepreneurs to start businesses.
Addressing the 6th Annual Day Lecture on ‘Creating a Better India - Musings on Economic Governance Ideas for India’ organised by the Competition Commission of India here on Wednesday, Murthy advocated for swift and fearless regulatory decisions and indicated five roles which the government has to discharge.
“The five roles are unanimity of conviction and integrity of belief among all political parties that solution to the problem of poverty is through elimination of friction to businesses and entrepreneurs and by creating more jobs; translating this conviction by speedy action to ensure growth of the economy and creation of better jobs; creating an independent and meritocratic judiciary with up-to-date technology, and knowledge of modern, global judicial practices and judgements; introducing transparent and stable taxation policy; and using tax money wisely and efficiently to make life better for the poor by investing in education, healthcare, nutrition and shelter,” he said.
Murthy said that competition and regulation are the two mechanisms which can ensure that the “Invisible Hand” works to the advantage of the society.
Competition brings out the best in any company and leads to innovation, new ideas, services and products, he said.
The Annual Day of the Commission marks the notification of the substantive provisions of the Competition Act, 2002.
Chairperson of Competition Commission of India (CCI), Ashok Chawla announced that government has launched a comprehensive e-Governance project which would also facilitate electronic filing of cases and M&A proposals.
On the occasion, Secretary, Ministry of Corporate Affairs, Anjuli Chib Duggal said she identified some future challenges for the Commission including continuous access to reliable and relevant research.
Various stakeholders, representatives from government, regulatory bodies, law firms and academia attended the event. (KNN/ST)
Addressing the 6th Annual Day Lecture on ‘Creating a Better India - Musings on Economic Governance Ideas for India’ organised by the Competition Commission of India here on Wednesday, Murthy advocated for swift and fearless regulatory decisions and indicated five roles which the government has to discharge.
“The five roles are unanimity of conviction and integrity of belief among all political parties that solution to the problem of poverty is through elimination of friction to businesses and entrepreneurs and by creating more jobs; translating this conviction by speedy action to ensure growth of the economy and creation of better jobs; creating an independent and meritocratic judiciary with up-to-date technology, and knowledge of modern, global judicial practices and judgements; introducing transparent and stable taxation policy; and using tax money wisely and efficiently to make life better for the poor by investing in education, healthcare, nutrition and shelter,” he said.
Murthy said that competition and regulation are the two mechanisms which can ensure that the “Invisible Hand” works to the advantage of the society.
Competition brings out the best in any company and leads to innovation, new ideas, services and products, he said.
The Annual Day of the Commission marks the notification of the substantive provisions of the Competition Act, 2002.
Chairperson of Competition Commission of India (CCI), Ashok Chawla announced that government has launched a comprehensive e-Governance project which would also facilitate electronic filing of cases and M&A proposals.
On the occasion, Secretary, Ministry of Corporate Affairs, Anjuli Chib Duggal said she identified some future challenges for the Commission including continuous access to reliable and relevant research.
Various stakeholders, representatives from government, regulatory bodies, law firms and academia attended the event. (KNN/ST)
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