Is healthy competition necessary for a growing economy

Is healthy competition necessary for a growing economy?
Yes, Definitely. Competition leads to innovation. Only when there are multiple companies competing for the sale of the same commodity or service in the market, do they actually go the extra mile and put in the effort to improve the quality, durability and affordability of the same. Competition between two or multiple firms in the market will lead to the firms improving their means of sale in order to sustain in the market. It makes the company stronger in terms of sustainability and economic stability. IT also leads to companies improving on their brand image in order to survive in the market and increase their market share.
Competition is one of the important aspects of an economy responsible for consumer welfare. Because of competition, consumers are assured better quality products at more affordable rates. Consumers choices are respected and their tastes and preferences are considered. This happens because each company needs to keep up with the other and make sure that their services or commodities are preferred over the other’s.
For a growing economy, where new businesses are coming up, where the market is still expanding and the range of consumers Is still flexible and vast, It is important that healthy competition be a part of it as it helps deduce which companies survive the growth period and emerge as successful and reliable brand holders and which don’t. Competition rules out sub-standard commodities and services and retains only the best. It also filters out those who are unable to be innovative and understand the tastes and preferences of their target market (eg. HMT). Therefore, Healthy competition is necessary for a growing economy.