Commerce Minister Nirmala Sitharaman has said there is a need for calibrated approach towards opening up the economy. Speaking at a conference in New Delhi, Mrs Sitharaman said India can't become an open economy like Singapore straightway. <br/><br/>She said Competition Commission has many challenges before it. Saying collusive bidding and cartelisation are very serious practices where competition commission plays a very critical role.<br/><br/>Addressing economics of competiton law, Chief economic Advisor Dr Arvind Subramaniam said competition is important in India, which helps in bringing more choice for consumers. <br/><br/>He said being pro business is not same as pro-competition. Saying trade policies is one of the important policies for competition, the chief ecomomic advisor said competition has improved Air India's performance.