IT has been more than 20 years since India’s market watchdog—the Competition Commission of India (CCI)—was conceived with the enactment of the Competition Act, 2002. Since then, rapid economic progress and transformation in market performances have demanded a re-look at the legal framework. The move to finetune the law started in
2018, with the appointment of the Competition Law Review Committee (CLRC). The CLRC suggested comprehensive changes to launch a competition law 2.0, which would empower the CCI to tackle contemporary concerns, and many of these suggestions have found their way into the Competition Amendment Bill, 2022. The Bill was introduced in the Lok Sabha on August 5, 2022. But, considering the extent to which the Bill had changed the prevailing law, it was sent to the Parliamentary Standing Committee on Finance for discussion.
The Committee, led by Jayant Sinha, a Lok Sabha member, undertook a wide-ranging study and consultation task, which concluded in a 60-page report that was presented in the Lok Sabha on December 13, 2022. The report is both well-timed and extensive, considering the scale of exercise undertaken and the short time in which it was finished. On the whole, the Committee has done a good job of analysing various intricate issues and taking into account a wide variety of stakeholder opinions while framing a set of significant suggestions to tweak the Bill.
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