12 ASIAN LEGAL BUSINESS – INDIA E-MAGAZINE NOVEMBER-DECEMBER 2023 ‘WE NEED TO RECALIBRATE OUR APPROACH TO COMPETITION REGULATION IN THE DIGITAL ECONOMY’ ALB: What are your immediate priorities and long-term goals as the new chairperson of the CCI? Can you outline any specific initiatives or reforms you plan to introduce during your tenure to further enhance the CCI’s capabilities as well as competition in the market? Kaur: Presently, our focus is on finalising regulations by following an open, transparent process of consultations with stakeholders to operationalise the various provisions of the Competition (Amendment) Act, 2023. Priority is being given to resolving pending cases related to antitrust and mergers and acquisitions. This was crucial given the backlog that had built up due to the lack of quorum before my appointment. The instrument of market studies will be used increasingly for a better understanding of markets and the potential competition concerns therein. The commission has accorded inprinciple approval for setting up a Digital Markets and Data Unit in CCI, which will act as a specialised interdisciplinary centre of expertise for digital markets. The unit will connect with experts, engage with industry, academia, other regulators/departments, and international agencies, provide inputs on policy issues, support data analytics/management, and undertake any other task assigned to it in the context of digital markets. Other priority areas will continue to evolve in the next few years, and we are committed to acting proactively in all such matters. Furthermore, it is important to understand that markets are dynamic, and we need to keep a watch and pace with rapid technological advancements and understand their implications for market competition. This includes addressing challenges in areas like digital platforms, big data, and AI. We also need to invest in building institutional knowledge and expertise and updating analytical tools and methodologies for effective enforcement. ALB: How do you assess the current state of competition in India, and are there particular sectors or industries that the CCI is closely monitoring? Can you comment on any trends or issues related to market competition that you believe need urgent attention or intervention? Kaur: Assessing the current state of competition in India requires a nuanced understanding of both the broader economic landscape and specific market dynamics. Overall, we observe a healthy and growing competitive environment in India, driven by technological innovation. Presently, we will be focusing on newage markets to understand their dynamics and potential anti-competitive concerns. ALB: In the context of emerging technologies and digital markets, how does the CCI plan to adapt its antitrust framework to address new challenges? Are there plans to engage with stakeholders, including tech companies, to ensure a balance between innovation and competition in the market? Kaur: Digital markets possess unique characteristics that render them susceptible to anti-competitive practices. Network effects, economies of scale, and the significance of data can result in the emergence of dominant players, who may exploit their market power to the detriment of competition and consumers. Against this backdrop, it is imperative to evaluate and, if necessary, recalibrate our approach to competition regulation in the digital economy. Drawing on the experiences and best practices of other jurisdictions is crucial, while also considering the distinctive characteristics of our own economy. Furthermore, the government has established a Committee on Digital Competition Law, signifying a significant step towards ensuring a level playing field in Q&A India’s top competition regulator, the Competition Commission of India, has been leading the charge to modernise the country’s laws to bring them in line with India’s ever-evolving digital business environment. In 2023 alone, the CCI has released draft regulations that revamp the regulator’s approach to merger control, settlement agreements and cartel leniency. At the helm of these changes has been the CCI’s new chairperson, Ravneet Kaur, who took up the top antitrust role in May 2023. Kaur discusses her priorities and ambitions for the CCI, regulation of India’s digital markets, the institution’s new approach to competition regulation and advocacy, as well as lessons learnt and adopted from international antitrust governance bodies across the globe. BY NIMITT DIXIT Ravneet Kaur
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