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Economic Times
18 minutes ago
- Economic Times
India's antitrust play needs a rewrite
India's economy is undergoing a dramatic transformation. But its competition policy feels like a relic. While the world redesigns antitrust frameworks for the digital age, India continues to address 21st-c. monopolies with tools that belong to the typewriter risk is not simply about policy lag. It's about allowing the marketplace to evolve into something it was never meant to be - a moat for incumbents, rather than a playground for new ideas. There is something oddly theatrical about India's markets. A few giants now play every role - producer, distributor, seller and reviewer. If capitalism were a Bollywood film, we would be somewhere deep into the second act. The camera never pans away from the stars. The script is over-designed, the plot barely believable, and the supporting cast is left applauding from the wings. What this production lacks is direction. A strong antitrust regime should function as the off-stage hand that can stop the show when the ensemble is replaced by a with the illusion of choice. Consumers seem to have endless options. Multiple apps, brands and platforms. In reality, their decisions are quietly managed by default settings, recommendation engines and closed ecosystems. You think you are shopping around. You are actually walking a hallway with two doors, both leading to the same room. This isn't a marketplace of ideas. It's an orchestra conducted by a duopoly that writes both the score and the Competition Act of 2002 was well-intended. But it was born in a simpler time. It functions well in hindsight. It spots the corpse, but doesn't see the murder coming. In a world where algorithmic decisions are made in milliseconds, retrospective enforcement is like sending a telegram after a don't need more post-mortems. We need a pre-emptive immune system. One that stops dominance before it trouble is not confined to digital platforms. The same centralisation is quietly embedding itself into India's physical infrastructure. Ports, airports, fibre networks, toll roads, data centres - arteries of the economy are increasingly controlled by a select few. When a single group manages warehouse, gateway, fibre pipe and checkout, what you have is not a supply chain but a bottleneck with a business are left with the 'invisible tax of absence'. No second airport terminal, no rival broadband, no alternative toll road. Choice, in infrastructure, is not a feature. It is the foundation. And that foundation is steadily being the world, competition authorities have shifted focus. The EU's Digital Markets Act targets gatekeepers who control access to platforms and users. It forbids self-preferencing, demands data separation and insists on real interoperability. Britain followed with its 2024 legislation that empowers regulators to intervene before harm becomes US, traditionally more lenient, is catching up. Federal Trade Commission, under Lina Khan, has taken on Big Tech with a zeal not seen in decades. Lawsuits have replaced policy briefs, and default settings are now considered battlegrounds for competition. Even Japan and South Korea have started examining algorithmic bias and platform approach is more opaque, but no less firm. When its regulators bring down a tech giant, it's often swift and politically aligned. The message is simple: no company grows beyond the state's comfort is inching towards the future with its proposed Digital Competition Bill. The Bill seeks to impose obligations on 'systemically significant digital intermediaries', asking them to behave more like neutral infrastructure and less like landlords with a favourite tenant. No bundling. No unfair ranking. No quiet preference for in-house brands. It borrows from Brussels, adapts for Delhi, and if enforced well, it could make up for decades of policy without it, the market won't crash but congeal. Space for startups will shrink, funding will chase favour rather than innovation. The price of admission will no longer be a good idea but a good relationship with the policy is not a punishment for success. It's a safety net for fairness. It ensures that achievement does not calcify into entitlement. It reminds us that markets are not meant to be gated estates where old money and new data sit comfortably, sipping stands at a crucial fork. One road leads to genuine plurality - more products, platforms, participants. The other leads to a curated monopoly garden where every flower is owned, every bench reserved, and the public is welcome only on guided market is not your mother. It does not love you unconditionally. It will not hold your hand through failure, or clap for your potential. It'll reward dominance if no one stops it. And punish aspiration if no one protects it. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Can Coforge's ambition to lead the IT Industry become a reality? BlackRock returns, this time with Ambani. Will it be lucky second time? Amazon is making stealthy moves in healthcare, here's why! The trader who blew the whistle on Jane Street Stock Radar: Globus Spirits breaks out from 9-month consolidation; check target & stop loss for long positions Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus These large-caps have 'strong buy' & 'buy' recos and an upside potential of more than 25% Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 36% in 1 year
India Today
18 minutes ago
- India Today
Modi misread Trump: Now India pays the price
A war of words has erupted between New Delhi and Washington, exposing the fragility of what was once hailed as a geopolitical success story. India has hit back hard at US President Donald Trump's threat to hike tariffs on Indian goods over continued imports of Russian oil, calling the targeting "unjustified and unreasonable" whilst slamming what it perceives as Washington's double The so-called Modi-Trump bromance, once paraded as diplomatic triumph, is now cracking under the weight of harsh reality. What began with mutual praise and public spectacle, from the "Howdy Modi" event in Houston to the grand "Namaste Trump" reception in Ahmedabad, has devolved into accusations, tariffs, and transactional Fatal MiscalculationOne of New Delhi's fundamental missteps was assuming that warm handshakes and mega-rallies could override hard economic interests. Modi's outreach to Trump was personal, public, and passionate, but Trump doesn't separate business from bromance. The "great friend" narrative gave India false confidence that proved Modi threw his weight behind Trump, literally sharing the stage with him in Houston and Ahmedabad, it was a bet on personal chemistry over policy complexity. India saw Trump not as a volatile businessman-president, but as a dealmaker who'd favour "friends." The reality? Trump doesn't do friendships, he does leverage. And India misread that playbook temples in Varanasi to villages in Gujarat, people performed pujas praying for Trump's victory. Modi had pulled off spectacular diplomatic theatre, and India felt it had America in its corner. Yet Trump's loyalty lies only with the US balance sheet, viewing India as a trade surplus machine rather than a strategic Russian Oil WedgeIndia's dependence on Russian oil has become the new wedge in this deteriorating relationship. With crude prices volatile and energy security paramount, India turned to Moscow for discounted supply, with Russia now accounting for up to 40% of India's oil imports. Trump, who views foreign policy through a profit-loss lens, sees this as lashed out, accusing India of undermining the West's Ukraine strategy and "helping Putin," with tariffs becoming punishment. Worse still, he's framed it as India profiting from global chaos. Modi's government finds itself caught in a trilemma: oil security, global optics, and Trump's offensive 4th August 2025, India's Ministry of External Affairs dropped a diplomatic bombshell in response. Calling Trump's tariff threats "unjustified and unreasonable," the MEA emphasised that India's oil purchases are driven by survival, not sympathy for Moscow. With Middle Eastern oil redirected to Europe after the Ukraine war, India had little choice but to buy discounted Russian crude to shield its economy. India's anger wasn't merely economic, it was moral. The statement highlighted US and EU hypocrisy, pointing out how the West continues trading heavily with Russia in everything from uranium to fertilisers, yet singles out India for 25% Tariff HammerTrump's imposition of a 25% tariff on all Indian goods wasn't just economic muscle-flexing, it was a warning shot. The US goods trade deficit with India stood at $45.7 billion in 2024, which Trump views as theft, plain and simple. His administration has revived old complaints about high tariffs, restricted market access, regulatory red tape, and "unfair" practices in pharmaceuticals, agriculture, and most jarring for India was Trump's renewed outreach to Pakistan, military meetings, energy cooperation discussions, and vague proposals of "regional balance." For a country that expected Trump to be firmly in its anti-Pakistan corner, this felt like betrayal, exposing another blind spot in India's strategic Path ForwardIndia must now abandon illusions of personal diplomacy. Trump is a negotiator, not a friend, he respects leverage, not loyalty. New Delhi must shift from sentimentality to strategy, from ceremonial displays to pragmatic biggest lesson? Don't tie national strategy to individual leaders. American policy is shifting toward hard realism, and India must do the same. This means engaging not as a junior partner seeking approval, but as a sovereign power navigating a multipolar obsession with optics, handshakes, stagecraft, mega-events, must give way to tough negotiations, quiet diplomacy, and pragmatic positioning. Because Trump isn't here to dance at "Namaste Trump" events, he's here to deal. And if Modi wants to succeed, it's time to stop praying and start playing hardball politics.- Ends
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Business Standard
18 minutes ago
- Business Standard
Datanomics: US sermonises India, ignoring its own vital imports from Russia
While the US has cut down on goods import from Russia sharply, from $29.63 bn in 2021 -- when it attacked Ukraine -- to just $3 billion in 2024, it has ramped up exports of some other crucial items premium Yash Kumar Singhal Listen to This Article After US President Donald Trump warned to raise 'substantial' tariffs on Indian exports, New Delhi shot back accusing Washington and the European Union (EU) of targeting India unreasonably for its oil imports. India also said the US has itself been importing uranium, palladium, fertilisers and chemicals from Russia for its industry and agriculture and that the EU has higher trade with Russia than India has with that country. While the US has cut down on goods import from Russia sharply, from $29.63 billion in 2021 -- when it attacked Ukraine --
