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Government Finance Ministry Constitutes Competition Law Review Committee
Union Finance Ministry Constitutes Competition Law Review Committee: Details, Aim, Functions, Highlights
Union Finance Ministry has constituted the Competition Law Review Committee to ensure that legislation is in tune with changing business environment.
The Competition Law Review Committee was constituted in pursuance of Government’s objective of ensuring that legislation is in sync with the needs of strong economic fundamentals.
The Competition Law Review Committee will review competition regulations in view of changing business environment and suggest the necessary changes to strengthen and re-calibrate existing law to promote best practices.
The Competition Law Review Committee will also look into international best practices in the competition field with thrust on anti-trust laws, merger guidelines and handling cross-border competition issues.
The Competition Law Review Committee will also study other regulatory regimes, institutional mechanisms, and government policies which overlap with the Competition Act. It will submit its report within three months of the date of its first meeting.
About Competition Act
The Competition Act was passed in 2002 and the Competition Commission of India (CCI) was set up in 2009. However, since the inception of the commission, the size of the economy has grown immensely making it one of the fifth largest economies in the world. In this context, it was seen necessary to that Competition Law is strengthened and re-calibrated to promote best practices which result in the citizens of this country achieving their aspirations and value for money.
