Finance Minister P. Chidambaram has said that the Indian economy is entering a new phase of strong growth supported by transparent and effective institutions.Delivering the annual day lecture at a function organised by Competition Commission of India, in New Delhi on Monday, the Finance Minister expressed confidence that the commission has contributed significantly towards the goal of strong , sustainable and inclusive growth.He was optimistic that it will do so in the years to come.Mr. Chidambaram said it has to be ensured that the economy continues on the path of competitive, fair, and transparent business practices, and any aberrations that interrupt the path are set right.Hence the need for an effective Competition Commission that favours none and spares none said the finance minister.Chidambaram also favoured merger of some public sector banks. Speaking on the occasion, the Minister of Corporate Affairs Sachin Pilot said that Competition Commission of India successfully prevented anti-market forces to enter the market and provided congenial business atmosphere in the country.The Finance Minister has said that India deserves a rating upgrade in view of improvement in macro-economic situation, the conservative outlook of Standard & Poor's notwithstanding talking reporters at a sideline of a function organised by Competition Commission of India, in New Delhi on Monday, Finance Minister P Chidambaram said there is nothing to worry. Country's macro-economic position today is much better than what it was in August 2012. Expressing concern over widening current account deficit (CAD), the minister indicated that government could take more steps to check gold imports.Gold imports jumped by 138 per cent to USD 7.5 billion last month, the highest so far this year, pushing up the trade deficit to USD 17.7 billion.The government had taken several steps in the recent past, including raising import duty, to curb the inbound shipments of gold. RBI too had put restrictions on banks on gold imports.