Competition (Amendment) Act 2023 enactment an important landmark in competition law evolution: Sitharaman - The Statesman

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman on Tuesday said that “the enactment of the Competition (Amendment) Act, 2023, has been an important landmark in the

evolution of competition law in India, strengthening the Commission’s enforcement capabilities while simultaneously creating a more facilitative and transparent regulatory framework.”

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman on Tuesday said that “the enactment of the Competition (Amendment) Act, 2023, has been an important landmark in the

evolution of competition law in India, strengthening the Commission’s enforcement capabilities while simultaneously creating a more facilitative and transparent regulatory framework.”

Ms Sitharaman, who was addressing the 16th annual Day Celebrations of the Competition Commission of India, said, “One of the key provisions of the Amendment Act was the inclusion of

transaction value thresholds, mandating that all deals valued above Rs 2,000 crore now require prior notification to the Competition Commission of India. This is particularly relevant in the

digital economy,

Recalling the enactment of the Competition Act in 2002, the Minister said it was a “landmark reform in India’s journey from a centrally planned regime to a market-driven economy, and the

Commission has emerged as a key institution in safeguarding the spirit of liberalisation while checking its excesses.”

She underlined that the mandate of the CCI under the Competition Act is threefold, aiming to prevent practices having an adverse effect on competition, to promote and sustain competition in

markets, and to protect the interests of consumers and ensure freedom of trade.

“Today is not just a celebration of an institution, but a reaffirmation of a principle that markets must work for the many, not the few,” she said.

Asserting that a simple truth drives this mandate, the Minister said that “competition drives efficiency, nurtures innovation, and benefits consumers.”

“In a monopolistic environment, there is no urgency to evolve. Whereas with competition, the fear of being outpaced forces organisations to innovate — in technology, in design, in service,

in delivery. Free and fair markets ensure that no single player can corner resources, suppress choice, or distort price discovery. This benefits our consumers,” she claimed.

“Economies that embrace competition are, by nature, more dynamic. And therefore, CCI plays an important role in this backdrop, to keep the competition alive in the markets,” Ms Sitharaman

said, asserting that “competition is a pillar of inclusive growth.”