Perspective : Competition (Amendment) Bill, 2022

The Competition (Amendment) Bill 2023 has been cleared by both the houses of Parliament. The Rajya Sabha passed the Bill on Monday by a voice vote. The Lok Sabha had cleared the Bill last week. This was a key legislative agenda of the government for the current session of Parliament as it seeks to revamp the competition law and bring it in sync with the new economic practices and issues. The new law will empower the Competition Commission of India, giving it the ability to penalise entities found engaging in anti-competitive behaviour based on their global turnover. In Perspective today, we will look at the changes that the bill brings about to the existing framework and who does it impact the most.