Amidst the global competition among tech giants like Amazon, Apple, Facebook, Google, and others, the parliamentary standing committee on finance has urged the Union government to finalize the digital competition bill in an attempt to check anti-competitive practices in the digital markets.
The committee has recommended the formation of a Digital Competition Law and defining Big Tech companies as Systemically Important Digital Intermediaries (SIDIs) based on revenues, market capitalization, and end users. It has also highlighted the need for a separate law for competition in digital markets and identified 10 areas of anti-competitive practices that should be focused on by the Digital Competition Law Commission (DCLC).
The committee, referring to the 60th report of the parliamentary standing committee on finance, stated “The committee urged and highlighted the importance in making DMDU as a robust outfit staffed with skilled experts. The committee urged the DCLC to focus on 10 areas of anti-competitive practices identified by it.”
Furthermore, Google has been investigated by the Competition Commission of India (CCI) for allegedly abusing their dominant market positions to collect large amounts of customer data, leading to fines of ₹936.44 crore and ₹1,337.76 crore in two separate cases during past 12 months.
The increased efforts by parliamentary standing committee to monitor Big Tech companies reflect the government’s attempt to ensure the availability of a fair and healthy competitive digital environment for all participants. The companies, users, and investors, all expect that the Digital Competition Law will be finalized soon, ensure that anti-competitive practices are curbed, and thereby protect their rights.
Source: Live Mint