India's competition law enough to deal with digital mkt concern: CCI member

The Indian competition law is broad enough to deal with new-age competition concerns in digital markets, member of Competition Commission of India Sangeeta Verma said on Tuesday.

She added that the Indian law has extra-territorial jurisdiction and can deal with market practices anywhere in the world if it has anti-competitive effects in India.

There exists a bargaining power imbalance between digital platforms and business suppliers in digital markets, Verma noted.

She was speaking during a conference on competition, regulation and development organised by the CUTS International and CUTS Institute for Regulation and Competition in partnership with OECD, European University Institute and Overseas Development Institute.

"Multilateralism also failed to govern global public goods like health and environment," said.

Arancha Gonzalez, former foreign minister of Spain and former executive director of the International Trade Centre, expressed concern about the sub-optimal level of international cooperation due to changing geopolitics when the world is dealing with COVID-19 crisis and economic recovery.