Finance Minister Arun Jaitley has said competition promotes innovation, ensures quality of product and services and makes prices competitive. Delivering the fourth annual day lecture of Competition Commission of India in New Delhi today, he said competition is at the heart of market economy as monopoly is never in consumer's interest. The Minister said, competition laws in India have evolved in the last 6 to 7 years and a good institutional mechanism has been created to promote competition. He said, to achieve growth being pro business alone is not enough, the economy must be pro competition.Underlining the importance of market competition for economic growth, Mr Jaitley said, every sector where competition has increased the quality of goods and services as well as economy has improved.Mr Jaitley said market regulators are necessary to control the dangers of aberrations in a competitive economy.The Minister said areas such as Railways and State Transportation are lagging behind and they too should be opened up for competition.