New Delhi, March 16 There is a need for real-time market monitoring and a collaborative approach to regulation while it is essential to enforce law beyond strict intervention by promoting self-regulation and compliance, Harsh Malhotra, Minister of State in the Ministry of Corporate Affairs (MCA), said on Sunday.
Complimenting the Competition Commission of India (CCI) for its impactful role in curbing abusive conduct of dominant enterprises, Malhotra underscored the importance of competition law in ensuring fair competition and a level-playing field in markets.
The CCI organised the 10th National Conference on Economics of Competition Law in the national capital.
The minister also emphasised the crucial role of the MSME sector, which contributes 80 per cent of manufacturing output, 45 per cent of exports, and 30 per cent of the India’s GDP.
“It is important to watch the interest of stakeholders, including MSMEs, to provide them with fair opportunities to compete and innovate,” he said.
The minister encouraged the Commission to actively engage with stakeholders, including industry associations, and consider their viewpoints.
He stressed on the importance of including the younger generation in deliberations to bring fresh and new perspectives.
The government has kept in mind the views of the stakeholders, be it policies, government schemes or regulations, the minister mentioned. Acknowledging the significance of the Conference, he said that such deliberations and brainstorming sessions would immensely contribute to India’s economic growth in the future.
The minister further stated that the MCA aims to foster an ecosystem where fair competition benefits both businesses and consumers, leading to dynamic and vibrant marketplaces.
Ravneet Kaur, Chairperson, CCI, said regulators are adopting a dynamic approach to address the issues emerging in increasingly complex markets and rapid innovation in technology.
She said that the goal is to balance innovation with competition, ensuring fair and open markets, where competition and technological progress can coexist.
Alluding to AI as a driving force in modern markets, Kaur stressed on the need for regulators to stay abreast and ahead in the AI era to deal with algorithmic collusion, uncover hidden anti-competitive behaviour, and protect consumers in markets increasingly shaped by AI.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor