By The Competition Commission of India (CCI) is set to embark on a market study focused on Artificial Intelligence (AI), aiming to delve into antitrust concerns surrounding the rapidly evolving AI landscape. Ravneet Kaur, the chief of the fair trade regulator, disclosed this development during the 9th conference on Economics of Competition law held in New Delhi.
Understanding the Evolving AI Landscape
Kaur emphasized the importance of gaining a thorough understanding of AI and its various applications across different sectors in India. The market study on artificial intelligence will serve as a platform to explore AI use cases, informing the commission’s strategies to foster innovation and uphold fair competition in the market.
Regulatory Framework on Settlement & Commitment
In addition to the AI market study, Kaur revealed plans to issue regulations on Settlement & Commitment soon. These regulations will provide a framework for determining turnover and income and establish guidelines for monetary penalties, ensuring expeditious market correction.
Strengthening Institutional Capacity
Acknowledging the significance of digital markets, Kaur highlighted the need to bolster the CCI’s institutional capacity. To address this, the Commission has established a dedicated digital markets and data unit, functioning as an interdisciplinary center of expertise to navigate the complexities of digital markets effectively.
Economic Analysis in Competition Law Enforcement
Kaur underscored the role of economic analysis and evidence in competition law enforcement, noting its steady growth over the years. Antitrust decisions are increasingly grounded in empirically tested economic principles, enabling the identification and mitigation of anti-competitive practices while fostering pro-competitive innovation.
Digital Economy as a Growth Driver
Arvind Virmani, a member of NITI Aayog, emphasized the transformative potential of the digital economy in driving India’s growth trajectory. The digital economy, characterized by AI, expert systems, and digitization, has the capacity to enhance social services and uplift human resources, paving the way for inclusive growth and development.
As India embraces the digital age, initiatives like the CCI’s market study on AI underscore the importance of regulatory foresight and proactive measures to navigate the evolving technological landscape while safeguarding competition and promoting innovation for the benefit of all stakeholders.
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