Delhi: The Competition Commission of India (CCI) celebrated its 10th Annual Day yesterday, i.e. on 20th May, 2019 which marks the notification of the substantive enforcement provisions of the Competition Act, 2002.
On this occasion, N. K. Singh, Chairman, Fifteenth Finance Commission, Govt. of India, delivered the Annual Day Lecture on “Should Competitive Federalism Complement Cooperative Federalism?”
N.K. Singh in his Introductory Remarks dwelt upon the scope, jurisdiction, mandate and duties of the Finance Commission in view of the Article 280 of the Constitution of India. He pointed that it is challenging to provide ideal distribution of tax revenues between Union and the States considering the peculiar issues involved with the States in terms of economic structure, demographic management and administrative mechanism. However, the Finance Commission will endeavour to reward efficiency while recognising equity, he said.
While appreciating the role of Competition Commission of India as a Market Regulator ensuring level playing field, he stated that in increased globalized and inter-dependent world, the role of the Competition Commission of India is required to be dynamic. He further underscored the fact that the globalized and inter-dependent world will draw more private investments and the State Governments can take advantage of that in their all-round progress. Public-Private Partnership (PPP) can also bring positive changes in the developments of the Sates in India and the Competition Commission of India can play a vital role in ensuring level playing field.
Singh further underlined the necessity of having a Market Regulator as competition in markets ensures optimum utilization of resources and bring forth innovation at forefront. In view of rapid change in technology day by day, disruption in services and products have become a new norm in the markets and dynamic role of the Competition Commission of India is required for its regulation. He also highlighted the fact that the economic reforms in India so far, have largely focussed on the products market and it is now imperative to take it to the factor markets which includes reforms in labour and land laws and ensuring access to capitals.
Earlier, Ashok Kumar Gupta, Chairman, Competition Commission of India, in his Welcome Address, stated that CCI is a young but perceptive regulator and has strived to nurture a culture of competition in markets through credible antitrust enforcement and regular engagement with the stakeholders. The Commission frequently solicits and takes cognizance of the stakeholders’ insights. Since 2009, the CCI has reviewed 1010 antitrust cases, 660 merger filings and has held more than 700 advocacy events.