CCI should help free market thrive and ensure legit claims are heard: FM

Urges antitrust watchdog to evolve with the speed, scale and visionary look needed for the economy to thrive and for fair genuine market practices to flourish

The Competition Commission of India should help the free market thrive in a rapidly changing global and Indian economy and ensure that legitimate claims of industry are patiently heard, Finance minister Nirmala Sitharaman said on Thursday.

Speaking on the twelfth annual day of CCI, Sitharaman said that there was a need for the antitrust watchdog to proactively engage with industry so as to ensure that their legitimate claims are patiently heard while also making sure that knowingly or unknowingly, by omission or by commission market processes are not undermined. She was referring to the challenges of post-pandemic revival of enterprises.

The FM said that as CCI stepped into a more sturdy role it should progressively forward the cause and help the free market to thrive and be a market friendly regulator in letter and spirit.

In view of the widening contours of the economy and the new-age India, the Finance Minister urged the Commission to evolve with the speed, scale and visionary look needed for the economy to thrive and for fair genuine market practices to flourish.

Sitharaman addressed virtually invitees from the judiciary, bureaucracy, regulatory authorities, chambers of commerce, industry leaders, academicians and experts at the event.

She said CCI’s trust based system was important in economies such as India which were still transitioning to a free market system.

The CCI was established under the Competition Act, 2002, on May 20, 2009, when the substantive provisions concerning anti-competitive conduct came into force.