Synopsis
On March 16, Harsh Malhotra, Minister of State in the MCA, emphasized the need for real-time market monitoring and collaboration in regulation. He praised the CCI for effectively addressing the abusive practices of dominant enterprises and highlighted the significance of fair competition law for MSMEs, which are crucial to India's economic landscape.Key Takeaways
- Real-time market monitoring is essential.
- Self-regulation and compliance should be promoted.
- The CCI plays a vital role in curbing abusive practices.
- MSMEs contribute significantly to India's economy.
- Engaging younger generations brings fresh perspectives.
New Delhi, March 16 (NationPress) There is a need for real-time market monitoring and a collaborative approach to regulation while it is essential to enforce law beyond strict intervention by promoting self-regulation and compliance, Harsh Malhotra, Minister of State in the Ministry of Corporate Affairs (MCA), stated on Sunday.
Complimenting the Competition Commission of India (CCI) for its significant role in curbing abusive conduct of dominant enterprises, Malhotra highlighted the necessity of competition law to ensure fair competition and a level playing field in markets.
The CCI hosted the 10th National Conference on Economics of Competition Law in the national capital.
The minister also underlined the vital role of the MSME sector, which accounts for 80 percent of manufacturing output, 45 percent of exports, and 30 percent of India’s GDP.
“It is crucial to consider the interests of stakeholders, including MSMEs, to provide them with fair opportunities to compete and innovate,” he remarked.
The minister urged the Commission to actively engage with stakeholders, including industry associations, and take their perspectives into account.
He emphasized the importance of involving the younger generation in discussions to bring new and innovative viewpoints.
The government has taken into consideration the opinions of stakeholders, whether regarding policies, government schemes, or regulations, the minister noted. Acknowledging the significance of the Conference, he expressed that such discussions and brainstorming sessions would greatly contribute to India’s economic growth in the future.
The minister further stated that the MCA aspires to cultivate an ecosystem where fair competition benefits both businesses and consumers, leading to vibrant and dynamic marketplaces.
Ravneet Kaur, Chairperson of the CCI, indicated that regulators are employing a dynamic approach to tackle issues arising in increasingly complex markets and rapid technological innovation.
She mentioned that the objective is to balance innovation with competition, ensuring fair and open markets where competition and technological advancement can coexist.
Referring to AI as a pivotal force in modern markets, Kaur emphasized the necessity for regulators to stay updated and proactive in the AI era to address algorithmic collusion, uncover hidden anti-competitive behaviors, and safeguard consumers in markets increasingly influenced by AI.
