The Competition Commission of India (CCI) was established through the competition Commission Act 2002. The CCI has one Chairman and six members appointed by the central government
It is a statutory body and it’s aim is to eliminate the discriminatory practices which have an adverse impact on the competition between the business houses or companies.
Role of Competition Commission of India:
1. Support economic growth: As it aims to provide equal opportunity to every person or industry which leads to the development of the economy.
2. Ensure free trade: It is a body that has the power to take legal action against unfair competition.
3. Provide a level playing field to every person and follow the Global standards of WTO.
4. Protect the interest of the consumer through complaint: If any person feels that he has been cheated, he can lodge the complaint in the commission.
5. Provide fair competition and innovation: As fair competition leads to utilise of an individual’s idea without any external pressure leads to innovation
6. Ensure consumer welfare can provide at most priority to consumer concern.
7. Promote sustainable competition leads to a fair market through rules and regulations.
8. Prevent practices that have adverse impact on competition.
Functions of CCI:
1. Capacity building: Improve the capacity of the individuals and the company through training and workshop.
2. International cooperation: In matters of competition and legal advisory, it co-operates with the nations at the global platform.
3. Advisory function: When any statutory body, centre, or state seeks advice in the legal issue of competition, it provides its opinion.
4. Investigation function: In case of any complaint, the investigation team of CCI investigates it.
5. Inclusive growth: It provides an equitable opportunity to everyone to improve i.e. inclusive growth to every section
6. Efficient utilisation of resources: It monitors that any firm should not utilise natural resources in an inefficient manner which may create unfair competition.
7. Ease of doings businesses: As it provides the legal assistance to firms for the development lead to reduce the onus on firm leads easy business.
8. Facilitator of firms through law regulation, interaction, and cooperation and ensure that Monopoly or dominance of few form should not be there.
9. Public awareness through advertisement also aware people about their rights.
Philosophy and mission of CCI:
Competition Commission of India (CCI) follows the philosophy of modern competition which focuses on the prohibition of anti-competitive actions. It also prevents abuse of dominant position which leads to fair competition.
it also regulates the combination or acquisition and acquiring of control of a company etc.
Mission of CCI is to engage the stakeholders and improve the organisation with high competence, bring professionalism, transparency, and wisdom in enforcement.
Challenges in front of CCI:
1. Control the unfair business: The worldwide trade has changed rapidly and the new practices of unfair means have emerged which is a big challenge for CCI.
2. Speedy solution to consumer concerns: The consumers who are aware of their rights and lodge a complaint with the CCI but the CCI is unable to solve the cases in a given time due to a large number of pending cases. This is decreasing the trust between consumers and CCI.
3. Privacy concerns: Many countries are giving priority to the digital economy which leads to data theft and creates challenges for the privacy of the stakeholders.
4. Administrative challenges: With time, the skill of the human resource should be improved through training in CCI to create efficient working culture.
5. Poor people participation: It leads to poor awareness in people about their legal rights which should be removed by awareness at the ground level.
6. Loopholes created by various industries and firms due to bypassing the legal law, need to curb.
7. Digital economy increasing so it needs to provide specialised training to the officers and staff working in CCI.
8. Limited benches lead to the pendency of cases so the branches of CCI should be opened at every corner of the country.
To make CCI an efficient and effective regulator there is a need to provide a wide range of power to curb any revolving challenges and provide positive outcomes.
Click here to visit the CCI official website.
This article is written by;
Mr. Pankaj Kumar Gupta
(Email ID: [email protected])