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P Chidambaram Exclusive: 'Competition Is Shrunk In India', Questions China Trade & Rising Monopolies

In an interview, former Union Minister P. Chidambaram discussed India's trade strategy with China, manufacturing capabilities, and foreign investment challenges. He emphasized developing domestic manufacturing to substitute imports from China rather than relying on trade barriers like anti-dumping duties and quality control orders. Criticizing current economic practices, Chidambaram stated, "Jugaad is not going to make you a manufacturing power," arguing that India must aim to become a first-rate manufacturing hub. He highlighted that competition in India has shrunk, with sectors turning into monopolies or oligopolies, and called the Competition Commission of India toothless. Addressing the lack of foreign investor interest, Chidambaram noted that regulatory hurdles create fear among investors. He suggested, "All the regulations must be made a big bonfire on Christmas Day," advocating for completely rewriting policies rather than making incremental changes. Furthermore, Chidambaram blamed the government for delays in insolvency resolutions, pointing to judicial vacancies and procedural inefficiency within NCLT and NCLAT benches.

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