Edited by Paul Cook, Colin Kirkpatrick, Martin Minogue and David Parker
Chapter 20: Regulation and competition: emerging issues from an Indian perspective
Thankom G. Arun INTRODUCTION The processes of globalisation and liberalisation have brought a considerable awareness towards improving the competitive process in developing economies such as India. Until recently most of the developing countries have operated without a structured competition policy, and have justified the interventions by the state over economic activities. The task of creating and maintaining an active competitive environment and developing a competition policy seems to be challenging in developing countries, particularly in the presence of many other competing alternatives, such as sectoral regulators, in ensuring a competitive environment. To what extent the new competition policies are helpful in enhancing investment and technological capabilities of firms and sectors is also an issue of concern. India is an interesting case study for looking at these issues in detail. India has experienced two periods of development with different policy regimes and institutional frameworks. Since independence, the transformation and development of the Indian economy has taken place within a planned, rigidly regulated and relatively closed economic framework. This changed in 1991 and since then, the country has embraced more liberalised policies. This chapter is organised as follows. It begins by providing a brief outline of the basic governance structure of the country. It then explores the nature of the development strategy and regulatory legislation that were implemented during the import substitution regime. This is followed by an overview of the interrelationships between issues such as reforms, regulation and competition in developing countries in general, and India in particular. This section also...
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