Press Trust of India, June 06, 2014

By Pradeep S Mehta

The Consumer Unity and Trust Society (CUTS), an NGO, today suggested Minister of Finance and Corporate AffairsArun Jaitley there was a need to introduce competition and transparency reforms to contain inflation and achieve high growth.

The new government at Centre has obtained clear and sustainable majority in Lok Sabha, it must work towards achieving the goal of turning India into a USD 10 trillion economy by 2030 in absolute terms, ie, not on purchasing power parity, Pradeep S Mehta, CUTS’ Secretary General who attended the FM’s pre-budget consultation meeting in Delhithis forenoon, emphasised.

CUTS in its memorandum submitted to Jaitley focused on four critical areas of competiton, public procurement, financial consumer protection and fiscal management.

“And introducing reforms in these areas would assist in containing inflation and achieving optimal growth, while protecting the needs of vulnerable consumers and bringing transparency and accountability in economic governance, he added.

He also elaborated plans on implementing National Competition Policy (NCP), implementing Public Procurement Act and National Public Procurement Policy, Financial Consumer Proteciton Act, and Fixing Fiscal Management practices.

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