Emphasising the importance of fair competition, Finance Minister Nirmala Sitharaman on Tuesday said there has to be the right balance of regulations and freedom. She was speaking at the event to mark the 16th Annual Day of the Competition Commission of India (CCI) in the national capital.
Sitharaman, also the Corporate Affairs Minister, said the regulator has to anticipate changes in the market and remain relevant to the needs of the time, she said.
CCI works to promote fair competition and prevent competitive practices in the marketplace. Besides, mergers and acquisitions beyond a certain threshold need approval of the watchdog.
The regulatory framework should also help swift approvals for combinations that do not harm competition.
At the event, the minister also released the Diagnostic Toolkit for Public Procurement Officers as well as FAQs on combinations.
