CCI playing a key role in ensuring free and fair markets: FM Sitharaman

NEW DELHI: Ensuring free and fair markets is not merely an economic need but a democratic one and the Competition Commission of India (CCI) plays an important role against this backdrop, to keep the competition alive in the markets, Union Finance Minister Nirmala Sitharaman said on Tuesday.

Addressing the 16th 'Annual Day Celebrations' of the market watchdog here, FM Sitharaman said that competition drives efficiency, nurtures innovation and benefits consumers.

"For innovation, competition acts as a relentless nudge. In a monopolistic environment, there is no urgency to evolve. Whereas with competition, the fear of being outpaced forces organisations to innovate - in technology, in design, in service, in delivery," she told the gathering. According to the minister, free and fair markets ensure that no single player can corner resources, suppress choice, or distort price discovery.

"This benefits our consumers," she added.

"The mandate of the CCI under the Competition Act is threefold: To promote and sustain competition in markets, to protect the interests of consumers and ensure freedom of trade, and to prevent practices having an adverse effect on competition," the Finance Minister said. In today's interconnected and fast-paced global economy, delays in regulatory clearances can lead to uncertainty, disrupt commercial timelines, and potentially erode the intended value of transactions.

"It is, therefore, imperative that regulatory frameworks, while maintaining rigorous oversight, also facilitate swift and seamless approvals for combinations that pose no harm to competition," FM Sitharaman emphasised. In addition to the traditional challenges, recent years have seen the emergence of new challenges. (IANS)

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