Modi govt constitutes a committee to review the Competition Act

The government has constituted a panel under the chairmanship of Corporate Affairs Secretary Injeti Srinivas to review the competition act in sync with the changing needs of the country's economy.

"In pursuance of its objective of ensuring that legislation is in sync with the needs of strong economic fundamentals, the government has constituted a Competition Law Review Committee to review the Competition Act," the Ministry of Corporate Affairs said in a statement on Sunday.

However, the committee has been given three months to recommend changes. By then, the winter session of Parliament may be over. It will be interesting to watch if government moves amended bill in the Budget Session which will be the last session of this regime.

The Competition Act was enacted in 2002 but the Competition Commission of India (CCI) became fully operational in 2009. The ministry said the size of India's economy has grown immensely in these nine years and it is now the fifth largest economy in the world and will further grow in the coming years.