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| As part of World Competition Day 2024 celebrations, the Institute hosted the CUTS-ISID Policy Roundtable on Competition Policy and Inequality on December 5, 2024. The growing disparity in wealth creation and distribution has become a significant global concern. In this context, the discussions focused on how competition policy can address these issues. Traditionally, competition law prioritised market efficiency over equity. However, contemporary perspectives suggest that unchecked market consolidation, under the guise of ‘efficiency’, may facilitate wealth concentration, limiting access to market benefits for lower-income and underrepresented groups. Addressing these concerns within the current legal framework presents challenges.
The discussions were enriched by contributions from experts, including regulators, academics, and professionals from India and abroad. The event commenced with a welcome address by Pradeep S. Mehta, Secretary General of CUTS International, and Reji K. Joseph, Associate Professor, ISID. Shri Rakesh Bhanot, Adviser (Law) at the Competition Commission of India, delivered the keynote address. Dr Hariprasad CG, Principal Economist from the Competition Commission of South Africa, shared insights into South Africa’s unique competition regulation case. This was followed by a presentation by Joel Abraham, CEO of the Fijian Competition and Consumer Commission, who discussed Fiji’s experience. The Indian perspective was provided by Beena Saraswathy, Assistant Professor at ISID, and Varidhi Singh, Adviser at CUTS International. The event was moderated by Mr Navneet Sharma, Director General of CUTS Institute for Regulation and Competition. |
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The BackgroundWorld Competition Day held annually on 5th December, to commemorate the day on which the United Nations General Assembly adopted the Set of Multilaterally Agreed Equitable Principles and Rules for the Control of Restrictive Business Practices (the UN Set) – so far the only multilaterally agreed international instrument on competition policy. The theme of this year’s World Competition Day is, ‘Competition Policy and Inequality’. With economic inequality on the rise globally, the role of competition policy is being explored. Historically, competition law emphasised market efficiency over equity. However, contemporary perspectives argue that unchecked market consolidation, in the guise of ‘efficiency’ may facilitate wealth concentration, limiting access to market benefits for lower-income and underrepresented groups. The session aims to explore how competition policy can help address inequality by deliberating its implementation in critical sectors like manufacturing, agriculture, small businesses, consumers, employment and so on. The session will engage with relevant questions such as: (i) How growing economic concentration and market power need to be dealt with? How entry barriers to small businesses can be removed? The panel discussions are expected address some of these questions and aim to outline practical competition policy reforms for a fairer and more inclusive economy. |