FM asks CCI to provide regulatory stimulus for India Inc’s revival – NEWS – The Hindu BusinessLine

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Addresses a virtual event to mark CCI’s 12th Annual Day

Finance Minister Nirmala Sitharaman on Thursday asked the Competition Commission of India (CCI) to proactively engage with companies, so that stimulus is also given by virtue of the way in which regulator will look at their revival in post pandemic world.

Addressing a virtual event to commemorate the 12th Annual Day of the CCI, Sitharaman said that the competition watchdog must rise from its usual role of keeping the letter and spirit of the competition law.

“The CCI must proactively engage with industry to ensure that their legitimate claims even as they try to recover are patiently heard while also making sure that knowingly or unknowingly, by omission or by commission market processes are not undermined,” she said.

‘Post-pandemic revival’

“… Competition Commission will ensure that market process should never get undermined because it is very critical considering the post-pandemic revival,” Sitharaman said.

Noting that the year 2020 was extraordinary and challenging, she said that 2021 is proving to be equally challenging and companies are going to be scrambling to somehow stimulate themselves.“So, extra care should be (taken). I am sure you are doing that. I am only reminding you because getting into your teens now is going to have new challenges as any teenager would have. You as a Competition Commission have very wise heads… wisdom will overcome the challenges of teenage growth pangs,” she said.

On the occasion, Sitharaman released the CCI journal on competition law and policy and CCI’s competition advocacy booklets translated into Bengali, Marathi and Tamil languages.

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