Injeti Srinivas Committee (Competition Law Review)

Union Finance Ministry has constituted Competition Law Review Committee to ensure that legislation is in tune with changing business environment.

 

Committee’s Terms of references

  • The 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.
  • It will also look into international best practices in competition field with thrust on anti-trust laws, merger guidelines and handling cross-border competition issues.
  • It will also study other regulatory regimes, institutional mechanisms and government policies which overlap with Competition Act.
  • It will submit its report within three months of the date of its first meeting.

 

Why is it needed?

  • The Competition Act was passed in 2002 and Competition Commission of India (CCI) was set up in 2009.
  • However, since 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.