Competition (amendment) act 2023 enactment an important landmark in competition law evolution: sitharaman - the statesman

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman on Tuesday said that “the enactment of the Competition (Amendment) Act, 2023, has been an important landmark in the

evolution of competition law in India, strengthening the Commission’s enforcement capabilities while simultaneously creating a more facilitative and transparent regulatory framework.” Ms

Sitharaman, who was addressing the 16th annual Day Celebrations of the Competition Commission of India, said, “One of the key provisions of the Amendment Act was the inclusion of transaction

value thresholds, mandating that all deals valued above Rs 2,000 crore now require prior notification to the Competition Commission of India. This is particularly relevant in the digital

economy, Advertisement Recalling the enactment of the Competition Act in 2002, the Minister said it was a “landmark reform in India’s journey from a centrally planned regime to a

market-driven economy, and the Commission has emerged as a key institution in safeguarding the spirit of liberalisation while checking its excesses.” Advertisement She underlined that the

mandate of the CCI under the Competition Act is threefold, aiming to prevent practices having an adverse effect on competition, to promote and sustain competition in markets, and to protect

the interests of consumers and ensure freedom of trade. “Today is not just a celebration of an institution, but a reaffirmation of a principle that markets must work for the many, not the

few,” she said. Asserting that a simple truth drives this mandate, the Minister said that “competition drives efficiency, nurtures innovation, and benefits consumers.” “In a monopolistic

environment, there is no urgency to evolve. Whereas with competition, the fear of being outpaced forces organisations to innovate — in technology, in design, in service, in delivery. Free

and fair markets ensure that no single player can corner resources, suppress choice, or distort price discovery. This benefits our consumers,” she claimed. “Economies that embrace

competition are, by nature, more dynamic. And therefore, CCI plays an important role in this backdrop, to keep the competition alive in the markets,” Ms Sitharaman said, asserting that

“competition is a pillar of inclusive growth.” “The ability of the Commission to strike a balance between regulatory vigilance and a pro-growth mindset will be integral to building a

resilient, equitable, and innovation-driven economic framework in India as it aspires to become a Viksit Bharat by 2047. On one hand, CCI has upheld the sanctity of the law through firm and

decisive enforcement actions against anti-competitive practices. On the other hand, it has shown equal commitment to enabling legitimate business conduct, thereby encouraging an environment

where enterprises can innovate, grow, and compete fairly,” she asserted. Advertisement