In 2024, the Competition Commission of India (CCI) faces challenges and opportunities. The foremost task is addressing a backlog of cases due to a lack of quorum in the previous year. Swift resolution of these cases, especially those involving big tech companies, is crucial for both justice and the business environment. The CCI must streamline processes and prioritise cases for prompt disposal.
The passage of the Competition Amendment Act 2023 brings significant changes to the regulatory framework. The CCI’s next critical step involves finalising and notifying new regulations based on this amendment, providing clarity and certainty to stakeholders. This is vital for enhancing the Commission’s effectiveness in enforcing competition law.
To future-proof against new-age challenges, the CCI must prepare for issues arising from advancements in artificial intelligence and digital technologies. This involves not just understanding the nuances of these technologies but also developing the capability to foresee and address potential competition concerns proactively. To stay ahead of the curve, the CCI must invest in upskilling its workforce, creating specialised units for technology and digital markets. This approach will enable the Commission to better assess the competitive impact of digital market players and ensure that competition law evolves in tandem with technological advancements.
Resource mobilisation and capacity building are also crucial in 2024. Implementing new regulations and handling complex cases in the digital economy require legal, economic, and technical expertise. Partnerships with academic institutions and international bodies can foster a deeper understanding of emerging market dynamics.
CCI’s progress in 2024 will impact the immediate competitive environment and lay the groundwork for India’s economic dynamism and market integrity.