Another bureaucratic reshuffle in North Block

Prime Minister approved the name of Dipak Chatterjee from the panel recommended by Commerce Minister Arun Jaitley who headed the search committee to empanel of five eminent officials.

The position of chairman Competition Commission will be an influential one, as it will govern major mergers, amalgamations and takeovers, and also decide on competition and market dominance issues replacing MRTPC. The commission is expected to become operational by October this year. In the first year, it will focus on the competition advocacy to ensure all players in the market understand the nuances of the Competition Act, 2002.

The Competition Bill 2002 had been cleared by both Houses during the winter session. The Competition Act will become operational in three stages. In the first year, the commission will concentrate on competition advocacy, in the second year, it will start looking into trade practices that are seen as anti-competition. MRTPC will cease to exist a year from the notification of the Bill as an Act. Also, only those companies with assets of more than Rs 1,000 crore or a turnover of over Rs 3,000 crore will come under regulatory provision.

Meanwhile, the finance minister is expected to hold a meeting later this week to finalise the work allocation of the new bureaucrats in North Block. Sources said that the meeting would finalise the jurisdiction of the two additional secretaries in economic affairs at present. At present, the two additional secretaries are Pradipto Ghosh and Adarsh Kishore. Both of them are however empanelled to become secretaries. However, if the government decides to continue with two additional secretaries in economic affairs then B. P. Mishra might move in as additional secretary in the department after Adarsh Kishore moves out with a secretary level job within the ministry. Sources also pointed out that there are plans to make capital market a full fledged department in itself and to head it with a secretary.

Banking secretary post, which continues to be with Vineeta Rai, might be downgraded to additional secretary post. In case it is not, the government would fill up from among the secretaries who are empanelled.