By NewsGram Staff Writer
“Competition and regulation are the two mechanisms which can ensure that the “Invisible Hand” works to the advantage of the society,” said Infosys founder N.R. Narayana Murthy today during an event.
During the keynote address at the 6th Annual Day Lecture on ‘Creating a Better India – Musings on Economic Governance Ideas for India’ organised by the Competition Commission of India, Murthy said that competition brings out the best in any company and leads to innovation, new ideas, services and products.
Referring to the role of regulation, Murthy advocated for swift and fearless regulatory decisions. He stressed that trust and confidence in the regulators are important to attract more and more entrepreneurs to start businesses.
Within such system, he indicated five roles which the government has to discharge viz. 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 lastly using tax money wisely and efficiently to make life better for the poor by investing in education, healthcare, nutrition and shelter.