Transformation of India's Economy and Competition Policy

India's economy is experiencing significant changes, yet its competition policy seems outdated. While global frameworks adapt for the digital age, India's antitrust approach remains reminiscent of older times, potentially creating barriers for innovation and new ideas.

Limitations of the Competition Act of 2002

• The act is reactive, identifying monopolistic outcomes after they occur rather than preemptively preventing them.
• In an era of rapid algorithmic decisions, retrospective enforcement is insufficient.

Physical Infrastructure Centralization

• Essential infrastructures like ports and airports are increasingly controlled by a few entities, creating bottlenecks.
• Privatization of infrastructure reduces consumer choice, leading to an 'invisible tax of absence'.

Global Trends in Antitrust Policies

• The EU's Digital Markets Act enforces data separation and interoperability.
• Britain's legislation allows proactive regulatory intervention.
• The US is aggressively targeting Big Tech with legal actions.
• Japan, South Korea, and China are also taking steps to ensure fair competition.

India's Proposed Digital Competition Bill

• Aims to regulate 'systemically significant digital intermediaries' to act as neutral infrastructure.
• Prohibits bundling and unfair practices, potentially revitalizing policy frameworks.

Conclusion: The Path Forward

• Antitrust policy should ensure fairness, preventing dominance from becoming entitlement.
• India faces a choice between fostering a pluralistic market or allowing monopolistic control to prevail.