New Delhi, Aug 5 : The Centre on Friday proposed major changes in the Competition Act, 2002, in order to grant the Competition Commission of India (CCI) the Ability to investigate all mergers and acquisitions in the world, including Deals that exceed $272 million with “substantial business operations in India”.The Competition (Amendment) Bill, 2022, has come in the light of numerous Big Tech companies like Meta, Microsoft and Google now with a huge presence in the country, and has seen recently a significant amount of investment from tech giants such as Facebook and Google as well as global VC firms.
“There has been a dramatic expansion of Indian market and an important paradigm shift in the way companies operate in the past decade.In the light of the development of the economy and the development of different business models, and the knowledge gained from of the work of the Commission and the Commission’s work, the Government of India constituted Competition Law Review Committee to Review and suggest changes in the Act.Act,” according to The Competition (Amendment) Bill, 2022, which was introduced in the Lok Sabha.
As per the conditions of the Act, “it shall be the obligation of CCI CCI to end practices that have an negative impact on competition, to promote and ensure that competition is maintained, safeguard the rights of consumers and ensure the freedom of trade conducted by other players in the markets in India” of the CCI to ensure that there is no discrimination in trade between Indians.read.
The Competition Act, 2002 was adopted to create of the Commission to stop practices that have an negative effects on competition, to encourage and sustain competition in market, to safeguard consumers’ interests of customers and guarantee freedom of trade conducted by other players in India.
The bill was introduced by Finance Minister Nirmala Sitharaman, the Competition (Amendment) Bill, 2022 seeks to broaden the scope of anti-competitive agreements, and also the including the inclusion of the party that facilitates an anti-competitive horizontal agreement in these agreements.
It also seeks to introduce of settlement as well as a Commitment framework to reduce litigation and also the issuance of guidelines, including sanctions to be issued by the Commission.
As government regulators all over, particularly in European nations, penalize Big Tech for millions of dollars due to anti-competitive behavior, India is finally taking some steps in this direction.
Recently recently, CCI has been in charge.
CCI has taken on the task of control giants such as Amazon, Apple, Google, Facebook and others from damaging competition and protecting the interests of local companies.
Under Ashok Kumar Gupta, a 1981 batch IAS officer from the Tamil Nadu cadre with 40 years in public service The antitrust body has been praised for launching investigations against the biggest e-commerce companies social media companies, as well as manufacturers of devices.
According to Gupta the Chairman of CCI, Big Tech companies are “centres for unchecked and ensconced dominance”.
The CCI is currently conducting an investigation into the Apple App Store and Google Play Store policies, and specifically their payment methods that hurt local app developers.