FM: CCI fully alert about monopolistic practices
New Delhi: Finance Minister Nirmala Sitharaman on Tuesday stressed that competition drives efficiency, nurtures innovation and benefits consumers. 'For innovation, competition acts as a relentless nudge. 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,' she told the gathering. The enactment of the Competition Act in 2002 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.
Addressing the 16th 'Annual Day Celebrations' of the market watchdog here, FM Sitharaman said that competition drives efficiency, nurtures innovation and benefits consumers. Artificial Intelligence technologies raise novel questions about market power, transparency, data access, algorithmic biases, and the scope of competitive harm. 'Free and fair digital markets are challenged by the emergence of gatekeeper platforms, asymmetries in data access and cross-border implications of digital business models. The rise of cross-border digital monopolies demands global cooperation and agile regulation,' according to the minister.
Amidst concerns and complaints over predatory pricing ways, Competition Commission chief Ravneet Kaur pointed out that earlier this month, the Competition Commission of India (Determination of Cost of Production) Regulations, 2025 was notified. Kaur said it was very essential to have a consistent approach for determining the costs, especially when it comes to digital markets and platforms on predatory pricing and deep discounting. According to Kaur, CCI has been proactive in recalibrating its regulatory tools and framework to respond effectively to the complexities of the digital markets, globalisation and evolving business models. 'CCI is committed to ensuring that there is market access for small businesses, encourages innovation, prevents monopolistic practices and promotes digital inclusion,' she noted.
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