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Cabinet approves Competition Amendment Bill

The Union cabinet led by Prime Minister Narendra Modi on Wednesday cleared a Bill to amend the two-decade-old Competition Act, aiming to reform the competition regulation ecosystem, a person familiar with the development said on condition of anonymity.

The Competition (Amendment) Bill seeks to introduce changes to the governing structure of the Competition Commission of India (CCI) and modify the substantive provisions in law to address the needs of new age markets.

The Bill seeks to make competition regulation more robust by addressing regulatory gaps and clarify provisions in the law drawing from CCI’s adjudicatory experience.

Mint reported on Sunday that the proposed Bill is set to expand the scope of prohibited anti-competitive agreements to cover new age marketing arrangements which do not squarely fit into conventional supply chain arrangements for which explicit regulatory provisions are given in the law.

The monsoon session of Parliament which commenced on 18 July is packed with a hectic legislative agenda as per the schedule provided by the Parliament.

Around 30 bills could come up for discussion including pending ones. These include bills on senior citizens’ welfare; for revising scheduled castes and tribes lists in some of the states; and for investor protection in multi-state cooperative societies.

Some of the bills are meant to recast economic regulations in bankruptcy resolution, special economic zones, energy conservation and mining, and for quick grant of geographical indication status. An email sent to the cabinet secretariat and to the Prime Minister’s Office on Wednesday seeking comments for the story remained unanswered at the time of publishing.

On Wednesday, the cabinet committee on economic affairs approved additional investment of $1,600 million (about ₹12,000 crore) by Bharat PetroResources Ltd. (BPRL), a wholly owned subsidiary of Bharat Petroleum Corp. Ltd. (BPCL) for developing a project in Brazil, an official statement said. Livemint

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