N Sitharaman Appeals CCI to Keep Up Market Potential

The Union Finance Minister, Nirmala Sitharaman, has on May 20, 2021 said that the country’s Competition Commission must take ‘extra care’ and ensure that no ‘omission – commission’ result in discouragement of market activities as businesses looked for revival. 

While participating in a virtual meet meant to remember the 12th annual day of the Competition Commission of India (CCI), the FM admired the regulator’s efforts in the past one year and appealed the authorities concerned to keep all these development up. The CCI has the permission to look after fair competition in the market. This institution is also authorized to clamp down on anti-competitive activities. Sitharaman said that she would wish to just mention, not in a left-handed way but definitely talk about the relevance deliberately or mistakenly.

 The Finance Minister said, “No doubt the year 2020 was unexpected and difficult, the year 2021 is proving to be equally challenging”. She added, “Extra care must be taken. We must be sure that everybody is doing well. I am just making them recall for some good reasons”. Sitharaman’s statement came into light only when the entire world, especially the businesses is witnessing multiple challenges caused by the COVID-19 pandemic. This situation has largely affected the economic growth of not only India, instead entire world. She emphasized that the CCI must take up all these with extra care so that it could be made ‘ahead of the curve’ and can ensure that the conditions of the market is up to the mark. "As I believe, this is important that the lawful claims of business organizations, despite they are trying to overcome without any complain and the Commission rises from normal role of keeping the letter and pace of the (Competition) Act integrated”. Admiring the CCI’s creative efforts draw best worldwide practices, the FM said almost 1100 cases were undertaken, especially concentrating on mergers and acquisitions.