Budget 2023: Competition law amendments likely to be announced by FM

After considering numerous recommendations from a Parliamentary group, the government is likely to propose changes to the competition law in the next Budget 2023, reported PTI. Additionally, it is reported that discussions regarding changes to the 2013 Companies Act and the Insolvency and Bankruptcy Code (IBC) are ongoing.

The corporate affairs ministry is looking into recommendations made by a parliamentary commission for a new digital competition law. The Competition Act, IBC, and Companies Act are all being implemented by the ministry, and changes to these laws are anticipated this year, PTI quoted a senior official as saying.

In August of last year, a measure to alter the competition law was filed in Parliament and referred to the Parliamentary Standing Committee on Finance.

The panel presented a report on the competition law in December of last year, and it is most probable that the ministry would be presenting an amendment bill after taking into account numerous recommendations. It is anticipated that the measure to change the competition legislation will be unveiled during Parliament's Budget session, PTI quoted sources as saying.

The budget may also include a "Settlement and Commitment" framework, which is designed to lessen litigation and encourage parties to an existing cartel investigation to provide information about additional cartels in exchange for a lighter punishment. One of the ideas included in the bill that was introduced in August 2022 was this subject.

On February 1, Finance Minister Nirmala Sitharaman will present the Union Budget for fiscal year 2023-24. Meanwhile, the budget session of Parliament begins on January 31. President Droupadi Murmu will address the joint sittings of the Lok Sabha and Rajya Sabha during the session.