August 10, 2023
The intent is to formulate a comprehensive law after thorough deliberation
The government committee is likely to endorse pre-emptive regulations and provide guidelines for systemically significant digital intermediaries (SIDI)
An official committee has been tasked with examining the need for a separate legal framework to regulate the digital market
The existing Competition Act, which was amended earlier this year, has already been updated to address contemporary issues
The government is considering the implementation of a specialized digital competition law to regulate major technology companies, according to media reports.
Instead of making adjustments to the recently amended Competition Act, the Ministry of Corporate Affairs is contemplating the introduction of distinct legislation, given the intricacies of the matter and the varying perspectives of stakeholders.
The reports emphasized that the government is not rushing into enacting a law for digital competition without due consideration. The intent is to formulate a comprehensive law after thorough deliberation.
An official committee led by corporate affairs secretary Manoj Govil has been tasked with examining the need for a separate legal framework to regulate digital markets and studying global best practices. This committee is in the final stages of drafting its initial report, which is expected to be completed this month. The committee has already engaged with various stakeholders, including local startups and major global players such as Apple, Amazon, Google, Meta, and Twitter.
The forthcoming report from the committee is anticipated to serve as the foundation for the government’s forthcoming actions.
The committee’s report is expected to integrate input from stakeholders, as well as consider the recommendations put forth by the parliamentary standing committee on finance in December 2022, along with its own insights.
Source: Economic Times