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Thursday, September 20, 2007

It is unacceptable to obstruct the forces of competition from having freer play

Manmohan Singh Warned Indian Corporations Against Any Form of Cartelization Home > World News > Political Economy
May 25 (LPAC)--Faced with an increasing economic disparity between the vast number of Indian poor and a thin layer of India's skilled population benefited by a high GDP growth rate, Indian Prime Minister Manmohan Singh, addressing the annual session of the Confederation of Indian Industry (CII) in New Delhi on May 24, sent a strong message to the India Inc.
He said: "The operation of cartels by groups of companies to keep prices high must end. It is unacceptable to obstruct the forces of competition from having freer play. It is even more distressing in a country where the poor are severely affected by rising prices."
Later in his speech, Manmohan Singh, praising the industry for sustaining a high growth rate, said that to be globally competitive, "you must work in a harmonious environment, an environment in which all citizens feel actually involved in economic growth and in which each citizen sees hope for a better future." Unless workers felt they were cared for, "we can never evolve a national consensus in favor of more flexible labor laws aimed at ensuring that our firms remain globally competitive." Among other things, industry must have a "healthy" respect for workers, and invest in their welfare, health and their children's education."

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