Competition (Amendment) Bill, 2023
Recently, the Lok Sabha has passed the Competition (Amendment) Bill, 2023, which seeks to amend the Competition Act, 2022,
- The bill allows the Competition Commission of India (CCI) to penalize entities engaging in anti-competitive behavior based on their global turnover, not just their annual domestic turnover.
- While the provision is not exclusively applicable to tech companies, they are likely to be the most affected due to their global reach.
- Tech companies typically earn smaller revenue from their India operations compared to their income in other regions such as the US and Europe.
- The new provision may lead to unfair and punitive outcomes, according to head of competition at law firm.
- The CCI will have greater say in mergers and acquisitions, and entities will have to seek its approval if the deal value is worth more than Rs 2,000 crore and both parties have substantial business operations in India.
- This move could pose new challenges for global technology companies, particularly Big Tech firms.
Big Tech firms refer to large, multinational technology companies that dominate their respective industries through their size, market share, and influence. These companies typically have a significant impact on the global economy and play a major role in shaping technological innovation, digital communication, and online platforms. Some examples of Big Tech firms include Apple, Amazon, Google, Facebook, and Microsoft.
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