With the Competition Commission of India (CCI) probing several global tech giants for alleged anti-competitive practices, a key parliamentary panel on Thursday asked representatives of Google, Amazon, Facebook, Twitter and other companies to probe their competitive behaviour. decided to call. ,
The next meeting of the panel is expected on May 12.
Following a presentation by the CCI, the members of the Parliamentary Standing Committee on Finance addressed the matter in depth. CCI informs panel that the regulator was setting up a ‘Digital Markets and Data Unit’ to properly deal with anti-competitive actions of large tech companies, as well as introducing a new bill to replace the CCI Act .
The regulator has also mentioned several investigations involving Google, Facebook-WhatsApp, Apple, Amazon, Flipkart, MakeMyTrip-Goibibo, Swiggy and Zomato.
The discussions take place against the backdrop of growing concern in India about alleged actions by big tech giants and technology platforms that could hurt market competitiveness. Similar issues have been raised in the West, targeting similar companies.
According to the report, the chairman of the panel, Jayant Sinha, said that officials from the Ministry of Corporate Affairs, Ministry of Electronics and Information Technology and CCI discussed this during the meeting.
“At our next hearing [on this issue]We will be calling on most of the leading tech companies to know their approach and how competition laws are evolving in India to address the needs and challenges associated with the digital space,” he told PTI.
Additionally, Sinha said the panel would invite all major firms including Google, Apple, Facebook, Twitter, Amazon, Microsoft, and others.
According to him, the panel will discuss the competitive strategies of these companies and the existing competition law.
Highlighting the fact that the CCI Act was first enacted in 2002 and was last updated in 2007, Sinha said that “competition laws are evolving across the world to meet the challenges associated with digital markets”. is”.
The CCI informed the panel that a bill is underway to replace the Act, which is expected to introduce provisions to address anti-competitive actions of the digital giant.
The regulator said in its presentation that it was expanding its institutional capacity, re-enacting competition law enforcement, monitoring technological advances in digital markets and analyzing worldwide developments in big technology. Was.
However, in this case, Sinha explained that with the rise of digital markets and the importance of the digital economy to India’s economic development and global situation, it is important to examine our competition law to see if it compares to advanced jurisdictions. such as the European Union, the US, Australia and the UK.
read all Breaking News , today’s fresh news And IPL 2022 Live Updates Here.