Attorney General addresses 15th annual day of Competition Commission of India

Shri Venkataramani underscored the growing importance of privacy and data in competition discussions, stressing the need for regulators to keep pace with technological advancements.

The Attorney General for India, Shri R. Venkataramani, delivered a special address at the 15th Annual Day commemoration of the Competition Commission of India (CCI) in New Delhi. In his speech, Shri Venkataramani discussed the evolving need for competition regulation, emphasizing its transition from preventing unfair practices to encompassing price determination, consumer welfare, and the common good.

Shri Venkataramani referenced economist Paul Samuelson's assertion that markets function effectively only with government-created guardrails, identifying competition regulation as one such crucial guardrail. He highlighted the importance of balancing free market dynamics with social benefits, noting that navigating between market incentives and avoiding market exploitation requires innovative legal approaches.

He also touched upon international convergence of competition laws, regulatory challenges, and the redistribution of economic power between consumers and suppliers. Shri Venkataramani emphasized the emerging importance of sustainability in competition policy, asserting that sustainability considerations will increasingly influence business operations.

Addressing the complexities of digital markets, Shri Venkataramani highlighted the debate between ex-post actions (investigations and sanctions) versus ex-ante actions (bans and prohibitive rules). He advocated for market-specific regulations informed by tools like behavioral economics to better understand human preferences.

Shri Venkataramani underscored the growing importance of privacy and data in competition discussions, stressing the need for regulators to keep pace with technological advancements. He suggested that detailed guidelines based on Indian market studies would provide clarity for market participants and promote fair competition.

In her welcome address, Smt. Ravneet Kaur, Chairperson of CCI, reflected on the commission's 15-year journey, emphasizing its efforts to protect consumer interests and promote innovation and efficiency. She outlined recent initiatives, including the implementation of the Competition Amendment Act, 2023, which introduces Settlements & Commitments, Deal Value Thresholds for mergers and acquisitions, Hub & Spoke Cartels, and the concept of Leniency Plus.

Smt. Kaur highlighted the digital economy's potential for innovation and growth, acknowledging the challenges it poses to traditional competition law. She called for regulatory agility and the development of new analytical tools and frameworks tailored to the digital context. CCI plans to launch a market study on artificial intelligence (AI) to understand its impact on competition, efficiency, and innovation.

In concluding remarks, Smt. Kaur expressed CCI's commitment to fostering a competitive culture and adapting competition law enforcement to the digital age. Shri Anil Agarwal, Member of CCI, proposed the Vote of Thanks, acknowledging the contributions of the Attorney General and other dignitaries present at the event.

The event was attended by numerous dignitaries from government, regulatory bodies, public sector units, industry, academia, chambers of commerce, and the legal fraternity.