Finance Minister Nirmala Sitharaman on Friday flagged concerns about possible cartelisation in markets and stressed on the need to look into the causes of short supply of commodities.
Speaking at the 13th annual day function of the Competition Commission of India (CCI), the minister also said that the regulatory needs to have a “proactive understanding” of mergers and acquisitions.
“Cartelisation is going to be a challenge…,” the minister said.
While mentioning rising commodity prices due to various factors, she said there is a need to look into the causes of the short-supply situation.
Her remarks come against the backdrop of spiraling inflation.
Sitharaman, who is also in charge of the Corporate Affairs Ministry, said the CCI needs to be sensitive as well as firm.
Corporate Affairs Secretary Rajesh Verma said the CCI has made critical interventions to deal with anti-competition matters.
He said the recommendations made by the Competition Law Review Committee (CLRC) are being examined.
Among other recommendations, the CLRC, which had submitted its report to the government in July 2019, pitched for a settlement mechanism to address antitrust disputes.
Amendments to the Competition Act are also on the cards.
Speaking at the function, CCI Chairperson Ashok Kumar Gupta said that over the last 13 years, the regulator has developed a sound body of jurisprudence across sectors.
Sitharaman virtually inaugurated the CCI’s Eastern regional office in Kolkata. This is the second regional office after the Southern regional office in Chennai was inaugurated last year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard,