Nirmala Sitharaman English news | Nirmala Sitharaman, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

The over 200-page report, submitted to Union Finance Minister Nirmala Sitharaman on August 14, contains several recommendations, including changes in the Competition Act, 2002."While some recommendations of the panel are welcome, few need further public deliberations before being accepted by the government," said Pradeep S. Mehta, Secretary General, CUTS International."Tragically, the committee discussed the NCP but did not suggest ways to implement it, which would have ushered in much-needed structural reforms in the economy in today's downturn," he said."The recommendations with respect to ensuring financial independence of the Competition Commission of India (CCI); introduction of a dedicated bench in the National Company Law Appellate Tribunal to entertain appeals from the CCI; having more non-binding guidelines, including on imposition of penalty; recognition of nuances that are typical of digital economy; introduction of merger threshold based on deal value; and introduction of settlement mechanisms (summary disposal) are some of the noteworthy suggestions," Mehta said.Certain recommendations suggesting changes in the present governance structure, such as introduction of a governance board and merging investigation wing (Director General) with the CCI, needed further public discussions before their acceptance by the government, he said.Last year, CUTS International had made a detailed submission to the Competition Law Review Committee and the panel has taken cognisance of most suggestions in the report.But Mehta termed the panel's response to its suggestions regarding competition reform advocacy and its failure in institutionalising the NCP as unexpected, particularly when the economy was witnessing growing anti-competition conduct amid slowdown."If the resources meant for envisaged governance board are vested in institutionalising the NCP, it would not only promote economic democracy but would also provide an external perspective to the CCI," Mehta said.However, the committee had shown maturity while giving clarifications with respect to the competition law's interface with digital economy, including suggesting more market inquiries and periodic review of market trends, he added.The CUTS International is examining the report and will submit its comments to the government soon.( With inputs from IANS )

Nirmala SitharamanFOLLOW

Nirmala sitharaman, Latest News

Soon after Finance Minister Nirmala Sitharaman announced to roll back higher surcharge on foreign and domestic portfolio investors, the Income Tax (I-T) department on Saturday clarified that the tax payable at normal rate on the business income from ...

The Central government on Friday gave a major boost to the automobile industry by announcing a slew of measures to reverse slowdown denting the sector. ...

Faced with an acute credit crunch following the NBFC crisis, the government has decided to provide Rs 70,000 crore to the banks up front to enable them lend Rs 5 lakh crore, benefitting corporates, retail borrowers, and small traders among others. ...

With an aim to check the massive outflow of foreign portfolio investment since the Budget, the government on Friday withdrew the surcharge levied on them. ...

In a bid to boost economy, capital markets and consumption, Finance Minister Nirmala Sitharaman on Friday announced a slew of measures including the rollback of controversial tax surcharge on foreign portfolio investors (FPIs) and equities of domesti ...

Finance Minister Nirmala Sitharaman on Friday urged the Competition Commission of India (CCI) to consider global developments having an impact on the country as physical borders no longer determine the competition for consumers. ...

In what could have far-reaching implications for the overall economy, a government panel has underlined the need to bring down corporate tax rates to 25 per cent for all companies, irrespective of their turnover, from the current 30 per cent. ...

The Competition Law Review Committee, which recently submitted its report, has failed to institutionalise a national competition policy (NCP), said the Consumer Unity & Trust Society (CUTS) International, a non-governmental organisation, here on Tues ...