New Delhi: Chairman of the 15th Finance Commission N K Singh has said the ideal distribution of tax revenues between the Centre and states is a challenging task, taking into view the peculiarity of different states.
He was speaking at an event to mark the 10th annual day of the Competition Commission of India (CCI) here on Monday. May 20 marks the notification of the substantive enforcement provisions of the Competition Act, 2002.
Singh dwelt upon the scope, jurisdiction, mandate and duties of the Finance Commission in view of the Article 280 of the Constitution of India, said an official release.
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He pointed that it is "challenging to provide ideal distribution of tax revenues between Union and the States" considering the peculiar issues involved with the states in terms of economic structure, demographic management and administrative mechanism.
However, the Finance Commission will endeavour to reward efficiency while recognising equity, he said.
While appreciating the role of CCI as a market regulator, Singh stated that in an increasingly globalised and interdependent world, the role of the Competition Commission is required to be dynamic.
He underlined the fact that the globalised and inter-dependent world will draw more private investments and the state governments can take advantage of that in their all-round progress.
Public-Private Partnership (PPP) can also bring positive changes in the developments of the states in India and the CCI can play a vital role in ensuring level playing field.
He further said that in view of rapid change in technology day by day, disruptions in services and products have become a new norm in the markets and dynamic role of the CCI is required for its regulation.
Competition Commission Chairman Ashok Kumar Gupta stated that the CCI is a young but perceptive regulator and has strived to nurture a culture of competition in markets through credible antitrust enforcement and regular engagement with the stakeholders.
Since 2009, the CCI has reviewed 1,010 antitrust cases, 660 merger filings and has held more than 700 advocacy events.
