Setting Limits Of Government Intervention In The Free-Market

The Competition Commission of India's attempts to restrict Government control of the market represent a streamlining of India's competition jurisprudence along the lines of international best-practices.

"Capitalism, or more precisely, the free market system, is the most effective way to organise production and distribution that human beings have found ... healthy and competitive financial markets are an extraordinarily effective tool in spreading opportunity and fighting poverty. ...Without vibrant, innovative financial markets, economies would ossify and decline."

Raghuram Rajan's introduction to his much-vaunted book is what developed economies live and swear by.

That being said, India is not a capitalist economy. We are still bound to an extent by socialistic concerns for the deprived and marginalised sections of the market. Even though we are quarter of a century into liberalisation, Govt. protection is nevertheless considered necessary, especially for