Govt considering specialized digital competition law

The idea is to regulate major technology companies

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

Recent Articles

Modi and Macron strengthen defence ties, emphasise ‘Make in India’

June 14, 2024

Prime Minister Narendra Modi and French President Emmanuel Macron agreed …

Read More

Surge in foreign firms registering in India, Aviation and Engineering lead

June 14, 2024

Airlines and engineering companies are at the forefront of foreign …

Read More

Government initiatives propel Indian toy exports; more support needed

June 13, 2024

Government measures such as mandatory quality control orders and increased …

Read More