LI Network
Published on: October 13, 2023 at 17:20 IST
In an effort to promote sustainability and enhance fair competition, the Competition Commission of India (CCI) is actively exploring the integration of sustainability dimensions into its competition law framework, as announced by a senior official during the BRICS Competition Conference held in the national capital.
The CCI’s primary role is to monitor and address unfair business practices in the marketplace, while also striving to foster an environment of equitable competition.
To align itself with global efforts to address sustainability concerns, the CCI is investigating how to include sustainability aspects within its competition law framework.
During discussions on this topic, CCI Chairperson Ravneet Kaur shared insights into the ongoing efforts. She pointed out that some countries, like Japan, have already initiated work in this area by introducing specific sustainability guidelines.
The CCI is now actively exploring how to incorporate these sustainability dimensions into its competition law framework.
As part of this new initiative, a dedicated session during the BRICS Competition Conference has been organized under the theme “Sustainability and Climate Change: New Dimensions in Competition Law.” This forum provides an opportunity to exchange ideas and strategies related to sustainability and competition law among participating nations.
It was emphasized that the dynamic growth of markets and advancements in technology have brought forth new challenges for competition regulators worldwide, necessitating a shift in their approach to competition law and policy.
The CCI is dedicated to making market corrections through a meticulous evaluation of cases, ensuring procedural fairness in all its processes.
In conclusion, Ashok Bhushan, Chairperson of the National Company Law Appellate Tribunal (NCLAT), highlighted the importance of fostering effective cooperation among BRICS nations. He stressed the need to strike a harmonious balance between promoting sustainability and ensuring healthy competition in addressing complex challenges.
The integration of sustainability dimensions into competition law marks a significant step towards creating a more sustainable and equitable business environment.
