Prepare For New Challenges, Protect Indian Cos From Abuse By Global Firms: Nirmala Tells CCI

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New Delhi: Urging the Competition Commission to prepare for dealing with new challenges, Finance Minister Nirmala Sitharaman on Friday said there is a need to protect Indian enterprises from excessive abuse in terms of competition from international players in the changed global economic order.

Sitharaman, who also holds the corporate affairs ministry portfolio, flagged the issue of competition sans frontiers and at times, its adverse impact on Indian consumers.

Speaking at an event to celebrate the tenth anniversary of the Competition Commission of India (CCI), she said the time has come for the regulator to suo moto examine the impact of global firms on the domestic market in terms of competition.

“You have your job with challenges all of which should guide us both in order to protect the Indian consumers. yet ensure Indian enterprises are not going to be subject to excessive abuse from companies which are existing somewhere else, which do not submit themselves to the Indian law,” the minister said here.

The regulator, which keeps a tab on unfair business practices, has been dealing with various cases related to digital markets.

Minister of State for Finance and Corporate Affairs Anurag Singh Thakur said that when traditional models of business have been dislodged by the emergence of radical innovation, it has been seen that in some cases traditional players have resorted to lobbying with domestic regulators for the adoption of regulations that can delay or block such innovations.

CCI Chairman Ashok Kumar Gupta said it has been acting in a nuanced manner with regard to alleged anti-competitive activities in the digital market.

According to Sitharaman, it is just not the number of suo moto cases but also the way in which the Commission has to keep itself alert to many of the developments which are happening globally.

“Physical borders no longer determine competition within a country and in that way we are dealing with not fair play as it is.

“We are dealing with an entity which is outside, probably legally, complying with many of the requirements in the jurisdiction in which they exist but having an impact on consumers here both positively and probably unfairly. if that is not abuse then what can be,” the minister said.