The Standing Committee on Finance has asked top executives of Amazon, Twitter, Netflix, Google, Apple and Microsoft to depose from them today. The committee headed by BJP MP Jayant Sinha has summoned executives on the subject of 'anti-competitive' practices in the digital market. The committee's focus over the last few months has been on technology giants and the way they have been operating the marketplace.
Anti-competitive practices have been in the eye of the storm over the past few years, with the competition commission of India (CCI) levying a penalty on the search engine Google for abusing the dominant role in the online search industry. The summoning is in line with its earlier discussions on the matter, with competitive behaviour in the digital market space being the area of focus.
Companies will have to make presentations on how they are using and tracking Indian consumers' data.
Jayant Sinha said, "Times have changed, and so has the digital marketing space. The existing act, which was framed in 2002, does not cater to the current challenges. We have many reports of players using unfair practices that are harming business and putting citizens' data at risk."
The panel has already held deliberations with the Competition Commission of India (CCI) and the Ministry of Corporate Affairs. The Competition (Amendment) Bill 2022 was introduced in Lok Sabha on August 5 and was referred to the panel on August 17. The panel has three months to come up with its report. The new Bill introduces "deal value thresholds" which will require firms to seek approval of the CCI in case of large value transactions.
According to a notice issued by the Lok Sabha Secretariat, the agenda of the meeting is - Oral evidence of the representatives of big tech companies on the subject 'Anti-Competitive' practices by big tech companies.
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