Daijiworld Media Network – New Delhi

New Delhi, May 20: Union finance minister Nirmala Sitharaman on Tuesday emphasised that markets must serve the interests of the many and not just a select few. She warned that the rise of digital commerce globally has brought fresh challenges for competition regulators in protecting the spirit of a free market.

Speaking at the 16th annual day of the Competition Commission of India (CCI), she said, “Democratising markets is key to upholding liberalisation,” recalling India’s shift to a market-driven economy in the 1990s. The Competition Act of 2002, she noted, was a landmark step in this journey.

Sitharaman underlined that the CCI’s role is crucial in ensuring a level playing field, consumer protection, and trade freedom. “Free and fair markets prevent monopolies, preserve choice, and protect price discovery. Consumers benefit the most when businesses compete,” she said.

She added that falling prices and rising quality are driven not by ethics but by competition, saying, “The consumer becomes powerful not by assertion, but by default.”

The finance minister also flagged the growing complexities of regulating digital markets, particularly in the age of artificial intelligence. “Gatekeeper platforms, data asymmetry, and algorithmic bias are raising serious questions,” she said, stressing the need for agile global cooperation.

Sitharaman reiterated that India’s structural reforms from disinvestment to digital infrastructure are aimed at deepening competition. She highlighted the importance of a light-touch, trust-based regulatory approach to drive productivity and growth.

Looking ahead to India’s development goals, she said the CCI’s role will be key to building a resilient, innovation-led economy. “A competitive economy is not just an economic necessity but a democratic imperative,” she asserted.