Finance Minister Arun Jaitley has said that competition has a great role to play in market oriented economies and it paves the way for reforms and development.Speaking at an event organised by competition commission of India in New Delhi, Finance Minister said the nation has seen spurt in growth in sectors like telecommunication and automobile and it can largely be attributed to this market linked economy.He also said that competetion has resulted in bringing down call rates and airfare drastically in the country.Finance Minister also favoured lesser government monopolies in the interest of promoting competition.He said India is improving in the ease of doing business index and recent government reforms initiatives like Insolvency and Bankruptcy Code will facilitate ranking improvements for the country.