The party said it aims to create a level playing field for all businesses.
India's largest opposition party, the Indian National Congress (Congress Party) is against monopolies and oligopolies, the party has said in its manifesto, promising to strengthen the Competition Commission of India (CCI) to ensure the country becomes an open and competitive economy.
Stating its policy intent ahead of elections, India’s main opposition party said it would establish a regulatory regime to promote efficiency and competition among ports and airports. The party proposed significant tax relief to protect shopkeepers and small retail businesses that face intense competition from online businesses.
The manifesto also said that Congress would pass a law to curb monopolies in the media, cross-ownership of different media segments, and control of the media by business organisations.
“Congress will refer cases of suspected monopolies to the Competition Commission of India,”
its manifesto said. The party said it planned to create a level playing field for all businesses.
The focus on competition issues in the party’s manifesto comes amidst various amendments made to the Competition Law including the introduction of commitment and settlement mechanism, leniency plus regime.
The recent Digital Competition Bill, however, has not received the full support of all stakeholders, with many from the Big tech industry calling for light-touch regulation that does not stifle innovation.
Finance Minister Nirmala Sitharaman recently highlighted the same concern in her meeting with financial sector regulators and the new age fintech companies and startups. The minister encouraged new-age firms to continue their innovations while keeping a close watch on regulatory norms.
Source: Business Standard
