Speaking at the annual lecture of Competition Commission of India (CCI), Jaitley said India was improving in the ease of doing business index and recent initiatives like Insolvency and Bankruptcy Code will facilitate ranking improvements for the country. "The sick industrial companies act was hardly ever able to resolve the problem. No investor would invest in a sluggish economy where there are entry barriers and no option to exit. With the bankruptcy code, we are sure things would change. With the new regime, there will be significant improvement in this area."
He also said that the advent of e-commerce has completely changed the nature of how business is done and has also made the market more competitive and innovative technology being used by e-commerce companies were benefiting the customers while promoting competition.
Jaitley also said that absence of competition in railways and state transport undertakings has kept consumer deprived of world class facilities. "Whereas, in the civil aviation sector which was open to competition, the customer gets best of the facilities along with competitive fares," he said.
He also favoured lesser government monopolies in the interest of promoting competition and Replying to question on discoms, Jaitley said discoms accounted for one-third of non-performing assets of the banking sector and more reforms were needed.
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