Cci Essay

COMPETITION: A POTENT TOOL FOR ECONOMIC DEVEOPMENT AND SOCIO-ECONOMIC WELFARE 22nd July 1955, my grandfather booked a telephone for his residence. Considered to be a luxury, the phone, was not available to all. My mother vividly remembers my grandfather, standing in the queues for long hours to book this luxury item. 16th August 1960, on the eve of my Grandfather’s second daughter’s birthday, the phone arrived. The wait was over. Our family had a telephone. 22nd July 2012, I go to buy a phone connection for myself. I had received hundreds of varied offers from various service providers such as Airtel, Vodafone, Tata Docomo and Idea. They were nice enough to even take an appointment and visit my house to explain their various offerings and the reasons to select their offering over their competitor offering. After almost a week of deliberation, I decided to go ahead with one, whose phone connection plan was cost-efficient and attractive. How times have changed! This paradigm shift in business attitude towards consumers must, largely, be credited to the fact that, unlike in the 1960’s, where there existed a single company, there is now a large number of companies, offering products/services which are competing with each other to lure as many customers as possible. The direct beneficiaries are the consumers, who have a choice to pick from a varied set of products/services which are of far more superior quality and at competitive prices. This has been made possible only because the telecom industry has opened up to competition, consequent to which, all Companies are fighting for customer loyalty. Ever since the economic reforms of 1991, which opened the door for globalisation, liberalisation and selective Privatisation, the Indian economy, has seen un-precedented growth. As predicted by Goldman Sachs, A Global Investment Bank, by 2035, India would be the third largest economy of the world; Only after US and China. India had maintained a healthy GDP

References: (Online Material) 1. www.economictimes.indiatimes.com 2. www.dnaindia.com 3. www.rediff.com