Panel recommends laws to regulate Big Tech Firms
Panel recommends laws to regulate Big Tech Firms
Current Affairs Daily Articles & Editorials
La Excellence IAS Academy | March 13, 2024 | Indian Polity
| Syllabus: GS-II, Subject: Polity, Topic: Legal issues, Issues: Digital Competition Law. |
Context: The Committee on Digital Competition Law, formed by the Ministry of Corporate Affairs, released its report.
Key Recommendations:
- Making new laws to control big tech companies like Google and Meta with significant influence in digital services.
- Aim to ensure fair competition in the digital world.
- It will help the Competition Commission of India better handle competition issues involving tech firms.
- Companies not complying may face penalties based on their global earnings.
Prelims Connect (Institutions in News):
| Competition Commission of India:
· A statutory body established in 2003, under the Competition Act, of 2002. · Its objective is to promote competition and protect consumers. · Consists of a Chairperson and 6 Members appointed by the Central Government. Functions: o Prohibits anti-competitive agreements and abuse of dominant position by enterprises o regulates mergers and acquisitions (M&A) which can hurt competition within India. |
Source: The Hindu
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