Latest news with #16thAnnualDay
Business Standard
21-05-2025
- Business
- Business Standard
India's ongoing structural reforms geared towards unlocking market potential and deepening competition says FM
Union Minister of Finance & Corporate Affairs Nirmala Sitharaman presides over 16th Annual Day commemoration of Competition Commission of India (CCI), in New Delhi yesterday. The Union Finance Minister exhorted regulators to be guided by the principle of 'minimum necessary, maximum feasible' As India integrates further with global value chains and digital ecosystems, maintaining open and contestable markets will be crucial to India's competitiveness, she noted. Referring to India's aspiration of Viksit Bharat 2047, the Union Finance Minister emphasised that the ability of the CCI 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 an export-environment-energy-and-emissions challenged world, the increased reliance on domestic growth levers requires ensuring the right balance of regulation and freedom. The Union Finance Minister said that India's ongoing structural reforms are geared towards unlocking market potential and deepening competition. Mentioning the importance of "light touch regulatory framework" mentioned in the Union Budget 2025-26, Sitharaman emphasised on the imperative for regulators to be guided by the principle of 'minimum necessary, maximum feasible'.
The Print
20-05-2025
- Business
- The Print
Delays in regulatory clearances can lead to uncertainty, says FM
At the function to mark the 16th Annual Day of the Competition Commission of India (CCI), Sitharaman said the regulator has emerged as a key institution in safeguarding the spirit of liberalisation while checking its excesses and stressed that competition drives efficiency, nurtures innovation, and benefits consumers. According to Sitharaman, also the Corporate Affairs Minister, it is imperative that regulatory frameworks, while maintaining rigorous oversight, also facilitate swift and seamless approvals for combinations that pose no harm to competition. New Delhi, May 20 (PTI) Delays in regulatory clearances can lead to uncertainty and disrupt commercial timelines, Finance Minister Nirmala Sitharaman said on Tuesday as India negotiates trade deals with various countries, including the US. Delving into the aspects of competitive markets, the minister said that not only business conduct but also government policies, laws and regulations should not influence competition as she mentioned that entry barriers, licensing norms or procurement rules can also create distortion. In today's interconnected and fast-paced global economy, Sitharaman said delays in regulatory clearances can lead to uncertainty, disrupt commercial timelines, and potentially erode the intended value of transactions. 'Globally, it has an impact even as we negotiate free trade agreements with different countries because the ability, the nimbleness and the readiness of regulators is very keenly watched by investors. There is no need for me to underline the importance of that, but that has a very serious connotation when you are looking at fairly within a reasonable time, agreeing on some free trade agreements. 'So, whether it is litigation, whether it is time consumed in litigation or when regulators are less transparent, negotiations can get complicated,' the minister said. India is negotiating trade deals with various countries and blocs, including the US and the European Union. While pitching for regulatory frameworks to facilitate swift and seamless approvals for combinations that pose no harm to competition, Sitharaman also mentioned about the Green Channel mechanism that has been put in place by CCI. The mechanism, which is a trust-based, risk-calibrated approach, allows for automated approval of combinations that are deemed to have no appreciable adverse effect on competition in order to reduce transaction costs and timelines for benign mergers and acquisitions, she added. 'Prices fall not due to charity, but because someone else is willing to offer the same product for less. Quality improves not due to a sense of ethics, but because mediocrity is punished by market forces,' the minister said. For a country like India, Sitharaman said that ensuring free and fair markets is not merely an economic need, it is a democratic one. 'In an export-challenged, environment-challenged, energy-challenged, and emissions-challenged world, the increased reliance on domestic growth levers requires ensuring the right balance of regulation and freedom,' the minister said. Further, she said the country's ongoing structural reforms — asset monetisation, disinvestment, and digital public infrastructure — are all geared towards unlocking market potential and deepening competition. 'As India integrates further with global value chains and digital ecosystems, maintaining open and contestable markets will be crucial to our competitiveness,' she added. CCI works to ensure fair competition and curbs anti-competitive practices in the marketplace. The Commission has emerged as a key institution in safeguarding the spirit of liberalisation while checking its excesses. 'Competition drives efficiency, nurtures innovation, and benefits consumers,' Sitharaman said in the national capital. PTI RAM DR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
20-05-2025
- Business
- Business Standard
New cost norms to aid accurate checks on predatory pricing, says CCI chief
Earlier this month, the Competition Commission of India (Determination of Cost of Production) Regulations, 2025 was notified Press Trust of India New Delhi Amidst concerns and complaints over predatory pricing ways, Competition Commission chief Ravneet Kaur on Tuesday said the new cost of production norms will help in having more accurate and objective assessment for easier enforcement outcomes. Speaking at the function to mark the 16th Annual Day of the Competition Commission of India (CCI) in the national capital, she also said that digital markets see rapid change and the first mover advantage gets concretised very quickly. "We have the possibility of algorithmic decision-making and self-preferencing by those having the first mover advantage," she said. Against this backdrop, Kaur said there is a need to have a balance in looking at such conduct, where the approach is "evidence-based, proportionate and anchored in rigorous economic analysis". Earlier this month, the Competition Commission of India (Determination of Cost of Production) Regulations, 2025 was notified. Kaur said it is 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. With the new norms, she said it is expected that assessing the cost of production will be much more accurate, objective and much easier for enforcement outcomes to be decided. 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. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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Business Standard
20-05-2025
- Business
- Business Standard
LIVE news updates: Monsoon likely to reach Kerala in 4-5 days, says IMD
New Delhi 2:41 PM CCI chief says cost of production norms to help in more accurate assessment Amidst concerns and complaints over predatory pricing ways, Competition Commission chief Ravneet Kaur on Tuesday said the new cost of production norms will help in having more accurate and objective assessment for easier enforcement outcomes. Speaking at the function to mark the 16th Annual Day of the Competition Commission of India (CCI) in the national capital, she also said that digital markets see rapid change and the first mover advantage gets concretised very quickly. 2:09 PM Jammu-Kashmir CM visits Kheer Bhawani temple Jammu and Kashmir Chief Minister Omar Abdullah on Tuesday paid his respects at the revered Kheer Bhawani temple in Ganderbal district. The chief minister also inaugurated several projects in the constituency that he represents in the legislative assembly. Mela Kheer Bhawani, an important religious event for Kashmiri Pandits, is likely to be celebrated in the first week of June this year. 1:45 PM Veteran nuclear scientist M R Srinivasan no more Veteran scientist and former Chairman of the Atomic Energy Commission, M R Srinivasan, who played a key role in the country's indigenous nuclear energy programme, died here on Tuesday, his family said. He was 95 and is survived by wife and daughter. 11:37 AM Fresh law graduates cannot appear in judicial services exam, says Supreme Court The Supreme Court on Tuesday held that fresh law graduates cannot appear in judicial services examination, mandating minimum three years of legal practice for candidates applying to entry-level posts. The verdict will have far-reaching implications for judicial service aspirants. A bench comprising Chief Justice B R Gavai and Justice Augustine George Masih reaffirmed the importance of courtroom exposure for prospective judges. 10:56 AM NCP leader Chhagan Bhujbal inducted in Maharashtra cabinet Maharashtra Chief Minister Devendra Fadnavis on Tuesday expanded his five month-old cabinet, with the induction of NCP leader Chhagan Bhujbal as a minister. Bhujbal, 77, was sworn in by Maharashtra Governor CP Radhakrishnan at Raj Bhavan. 10:04 AM Retreat ceremony for public along Pak border to resume from May 21 The Border Security Force (BSF) has said the public flag-lowering retreat ceremony at three locations in Punjab along the Pakistan frontier will begin on Wednesday, about two weeks after it was stopped following Operation Sindoor by India in response to the Pahalgam attack. The Jalandhar headquartered Punjab frontier of the force said the ceremony will resume from Tuesday, but it will be open only for media persons. Connect with us on WhatsApp
Time of India
20-05-2025
- Business
- Time of India
FM Sitharaman calls for a balance between regulations and pro-growth mindset - The Economic Times Video
Emphasising the importance of fair competition, Finance Minister Nirmala Sitharaman on Tuesday said there has to be the right balance of regulations and freedom. She was speaking at the event to mark the 16th Annual Day of the Competition Commission of India (CCI) in the national also the Corporate Affairs Minister, said the regulator has to anticipate changes in the market and remain relevant to the needs of the time, she said. CCI works to promote fair competition and prevent competitive practices in the marketplace. Besides, mergers and acquisitions beyond a certain threshold need approval of the watchdog. The regulatory framework should also help swift approvals for combinations that do not harm competition. At the event, the minister also released the Diagnostic Toolkit for Public Procurement Officers as well as FAQs on combinations. Show more Show less
