Union Finance and Corporate Affairs Minister Nirmala Sitharaman stated recently that Competition Commission of India (CCI) must make certain that Indian enterprises are safeguarded from abuse through entities operating from other jurisdictions. FM Sitharaman was addressing at the 10th-anniversary celebrations of the CCI. She stated that CCI should keenly observe market developments around the world as borders no longer determine the competition in a nation. She also stated that competition policy is a big challenge at the international level with the nature of operations of corporations. Big corporate corporations have jurisdiction in one nation and ground operations elsewhere and this causes huge challenges for the regulators.
She acclaimed the CCI for performing remarkably with restraint and without obstructing competition in an open economy like India. She also praised CCI on credibly managing its responsibility so far and asked it to be ready for upcoming CCI 2.0 mode.
Pointing towards the challenges faced by the competition regulator, Sitharaman stated the CCI required protecting the customer but yet making sure that Indian enterprises are not going to be subjected to excessive abuses from corporations which exist somewhere else and do not submit themselves to Indian law.
The FM also added that the impact of competition sans frontiers has been felt by domestic customers and encouraged the CCI in the direction of leading the way by taking up cases suo moto and even guiding the government on the way to deal with challenges related to the new economy.
Sitharaman stated the government was trying to address the concern of corporations that were making a turnover and earning profits in India but were located in other jurisdictions. Consequently, if that is the way global competition is progressing, whose impact is so much on us that we are still probably wondering as to how we are going to rein in that kind of if I might use the word, abuse, as stated by the minister.
Sitharaman praised the CCI for its “remarkable performance with restraint, not obstructing competition but also acting as a good watchdog”.
Anurag Singh Thakur, the Minister of state for finance and corporate affairs also emphasized the requirement for balance in competition regulation, by stating that neither should the regulator be too soft nor too strict to kill innovation as well as disrupt emerging business models.
Injeti Srinivas, the secretary of the ministry of corporate affairs, contrasted the method of the CCI with that of its predecessor, the Monopolies and Restrictive Trade Practices Commission (MRTPC).
The Union Minister of State for Finance & Corporate Affairs, Shri Anurag Singh Thakur, stated in his address that CCI is a world-class institution that has managed the challenges of the last decade and it has built strong foundations by a market-driven approach for the next decade. He stated competition policy is the core of the market and CCI has executed the role of enforcer and facilitator in a fine balance.
CCI was applauded for efficiently discharging tasks in regulatory, advisory as well as quasi-judicial capacities. It has been emphasized that in the direction of promoting and sustaining competition, it is the mandate of CCI to develop a competitive eco-system as well as also build a strategy towards meeting the emerging challenges.
Shri Ashok Kumar Sharma, the CCI Chairperson, welcomed the gathering and enumerated the numerous transitional achievements of the CCI in the first decade of its existence. Shri Sharma furthermore expressed thankfulness for contributions by those associated with the CCI in the formative years. However, he also specified that the main challenge before CCI is to withdraw excessive control but at the same time accomplish better as a caretaker of competition.
The Union Finance and Corporate Affairs Minister Nirmala Sitharaman also released two in house publications, Diagnostic Toolkit for Procurement and Competition Law Judicial and Administrative Training Module. Both the publications are investigated, prepared as well as published by the CCI.
CCI Members Shri Bhagwant Singh Bishnoi and Dr. Sangeeta Verma were also part of the 10th-anniversary celebrations besides many other respected participants and audience.
eStartIndia is a professional tech-based online legal service provider which offers online legal assistance to our clients with the intention to simplify the legal compliance procedures and assist in all kinds registration, tax filing, GST filing, and any additional legal compliances and services related to the business in India.
Get a free consultation service from our Our Top-skilled Experts.
Author:
Leave a Comment
Previous Comments