New Delhi, Aug 23 : Union Finance Minister Nirmala Sitharaman said here on Friday that Competition Commission of India(CCI) should ensure Indian enterprises are safeguarded from abuse by entities operating from other jurisdictions.
Speaking at the 10th anniversary celebrations of the CCI, Ms Sitharaman said the CCI must keenly observe market developments around the globe as borders no longer determine competition in a country.
She said competition policy is a big challenge at the international level with the nature of operations of companies. Big corporate companies have jurisdiction in one country and ground operations elsewhere and this causes huge challenge for regulators.
The minister praised the CCI for performing remarkably with restraint and without obstructing competition in an open economy like India. Ms Sitharaman also lauded CCI on credibly handling its responsibility till now and asked it to be ready for CCI 2.0 mode. She said that CCI 2.0 can help foster healthy competition by staying pro-actively alert and by taking suo motu action of developments both in domestic and international markets.
This, she said, will enable CCI to handle latent market challenges within India and from all other major economies of the world. There is recoil of sorts in the world economies, she added. In his address, Union Minister of State for Finance Anurag Singh Thakur said that CCI is a world class institution that has handled the challenges of the last decade and it has built strong foundations through a market-driven approach for the next decade. He said competition policy is the core of the market and CCI has carried out the role of enforcer and facilitator in a fine balance.
In his welcoming address, CCI Chairperson Ashok Kumar Sharma welcomed the gathering and enumerated the various transitional achievements of the CCI in the first decade of its existence. Mr Sharma also expressed gratitude for contributions by those associated with the CCI in the formative years.
Ms Sitharaman also released two in-house publications, Diagnostic Toolkit for Procurement and Competition Law Judicial & Administrative Training Module. Both the publications are researched, prepared and published by the CCI.