 "Capex")
A parliamentary panel on Finance has recommended the government to diligently monitor the progress of capital expenditure. This is to ensure that the actual capex aligns with the amount allocated, aiming for a multiplier effect on growth and employment.
As on February 2, 2023, the actual expenditure stands at Rs 5,93,099 crore against the total budget estimate (2022-23) for capital expenditure of Rs 7,50,246 crore. This indicates a shortfall of Rs 1,35,175 crore compared to the revised estimate of Rs 7,28, 274 crores.
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The Standing Committee, headed by Jayant Sinha, highlighted the need for forward-looking surveys by industry and region to anticipate future trends. Such insights would help suppliers better prepare for real estate, equipment, and workforce requirements associated with private sector capex.
Noticing the uneven credit distribution by scheduled commercial banks in the country, the committee asserted that banking strategies and policies should aim to bridge this gap.
To facilitate financial inclusion, the parliamentary panel also called for accelerating the bill on the National Financial Information Registry. This registry, as the name implies, would serve as the central repository of financial information, aiming to enhance the flow of credit and financial stability.
Addressing anti-competitive practices by Big Tech
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The Ministry of Corporate Affairs informed the parliamentary panel on finance about the establishment of a committee on digital competition law. This committee is tasked with examining the need for a distinct law on competition in digital markets and the requirement for ex-ante regulations. Emphasizing the importance of ex-ante evaluation to prevent market monopolization, the panel has requested MCA to share the findings of the digital competition law committee.
MCA has responded to the recommendations made by the Jayant Sinha-led Standing Committee on the anti-competitive practices of big tech companies, which were presented to the Lok Sabha on December 22, 2022.
MCA also announced the creation of a digital market and data unit within the Competition Commission of India (CCI). This unit will act as a nodal point for stakeholder discussions on digital market matters. The committee has urged MCA to ensure this unit is a robust entity staffed with skilled experts, helping CCI closely monitor and anticipate the movements of systemically important digital intermediaries (SIDIs).
On the present 70 vacant positions out of sanctioned strength of 135 at CCI and Director General Office, the MCA has told the parliamentary panel, “the recruitment has been kept in abeyance due to ongoing process of comprehensive cadre restructuring of the CCI.”
The MCA has informed the parliamentary panel about the present 70 vacant positions out of a sanctioned strength of 135 at the CCI and the director general's office.
The ministry cited that recruitment has been held in abeyance due to the ongoing process of comprehensive cadre restructuring of the CCI.
