A future-ready competition law must evolve with market disruptions, ensuring fairness, transparency, and innovation-driven growth: Ravneet Kaur, Chairperson, Competition Commission of India
With the rise of AI-driven decision-making and algorithmic markets, we need proactive regulatory approaches to keep markets open, fair, and contestable: Chairperson, Competition Commission of India
CCI remains committed to balancing market growth with consumer protection, fostering compliance, and ensuring a competitive and innovation-friendly economy: Chairperson, Competition Commission of India
Delivering the keynote address during the Annual Conference on Competition Law & Practice jointly organised by Competition Commission of India and Confederation of Indian Industry (CII) at Mumbai today, Chairperson CCI Ravneet Kaur emphasized the significance of competition law in fostering a fair, transparent and innovation-driven economy. She highlighted the need for a future-ready regulatory framework that adapts to rapid market disruptions, particularly in digital markets, cross-border transactions, and emerging anti-competitive practices.
Discussing antitrust enforcement, the Chairperson, CCI outlined the importance of leniency programs, commitments, and settlements as progressive enforcement tools that foster compliance and market corrections.
The Chairperson, CCI observed that with the rise of data-driven platforms, AI-driven decision-making, and algorithmic market structures, the traditional paradigms of competition law enforcement must evolve to address new challenges while fostering innovation. The growing influence of digital gatekeepers, platform-based ecosystems, and algorithmic pricing models underscores the need for proactive and forward-thinking regulatory approaches to ensure markets remain open, fair, and contestable, she noted. CCI’s primary focus areas include algorithmic collusion, price-coordinated behavior, and potential anti-competitive conduct, she added. She emphasized India’s leadership in innovation and CCI’s forward-looking approach, which aims to balance market growth with consumer protection. She also noted that the e-commerce sector remains under review by the CCI. Highlighting the importance for collaboration with industry and other stakeholders, Chairperson reaffirmed the Commission’s commitment to ease of doing business.
Addressing the Conference, Mr. Venkatachalam Iyer, MD and CEO, Tata AIA Life Insurance Company Limited appreciated the Competition Commission of India for ensuring that competition law in India evolves from being just a regulatory framework, to a catalyst for innovation, consumer empowerment, and market resilience. Amendments in the Competition laws have kept the regulator abreast of the market dynamics and ensured that the markets remain open, dynamic and equitable, he added. Mr Iyer stated that facilitating innovation, competitive pricing and healthy M&A will help create long term sustainable organisations, ensure efficient allocation of capital and grow the economy as a whole. The Commission has also stepped up to oversee and regulate the digital economy and the Digital Competition Bill has been introduced in one of the fastest growing large economies in the world, Mr Iyer concluded.
In her address at the inaugural session, Mrs. Zia Mody, Chairperson, CII National Committee on Regulatory Affairs & Co-Founder and Managing Partner, AZB & Partners discussed the significant changes enforced by way of the Competition (Amendment) Act, 2023. She lauded the Commission and the Hon’ble Chairperson, Smt. Ravneet Kaur for swiftly issuing the accompanying regulations to enforce the important amendments in the law. On merger control, Mrs. Mody recognized the clarity in the way the amendments were enforced and encouraged dialogue and the issuance of necessary guidance from time to time, in the form of FAQs. She specifically appreciated the key changes introduced by the Amendment Act, such as the Deal Value Threshold, post-facto filing for open-market transactions, shorter review timelines and introduction of the revised statutory exemptions. Mrs. Mody urged for a purposive interpretation of the Green Channel Rules. She also spoke about the enforcement actions taken by the CCI and deeply appreciated the introduction of the settlement and commitment mechanism.
While delivering his welcome remarks, Mr Robin Banerjee, Chairman, CII WR Sub-Committee on Responsible Business & Chairman, Nucleon Research highlighted the importance of Competition in enhancing the power of consumers and the need to constantly encourage competition in Indian markets.
7 February 2025
Mumbai