Fair trade regulator CCI will shortly initiate a market study on Artificial Intelligence (AI) to gain a thorough understanding of antitrust concerns, the regulator's chief Ravneet Kaur said on Tuesday.
AI applications are becoming more common across various sectors lately.
"We will shortly commence a market study on artificial intelligence to develop a comprehensive understanding of the evolving landscape of AI and AI use cases in markets in India, which could inform the strategies of the commission aimed at fostering innovation and fair competition," Kaur said at the 9th conference on Economics of Competition law here.
In January, she announced that the Competition Commission Of India (CCI) would soon float a tender for conducting a study on artificial intelligence on businesses and services.
The chairperson further said that regulations on Settlement & Commitment will soon be issued. "Very soon, you will see the other regulations on settlement commitment frameworks on determination of turnover and income and the guidelines for monetary penalty being rolled out," she said.
CCI, in August 2023, issued the draft regulations for commitment and settlement provisions under the competition law. The provisions are aimed at ensuring quicker market correction.
The Commission has the mandate to curb unfair business practices in the marketplace across sectors and also promote fair competition.
The chairperson said that the developments in digital markets also pointed to the need for strengthening the CCI's institutional capacity.
The digital markets and data unit has been set up by the Commission for working as a specialised inter-disciplinary centre of expertise for digital markets within the commission.
According to her, the role of economic analysis and evidence and competition law enforcement across jurisdictions has seen steady growth over the years.
"Antitrust and other decisions are now based on economic principles that are empirically tested. These help identify theories of harm, address such harms effectively, while allowing pro competitive practices and innovation to flourish. It is only when competition opportunities are preserved and anti-competitive impediments are removed that markets can deliver efficient outcomes to benefit the economy and the consumers," Kaur said.
Meanwhile, NITI Aayog member Arvind Virmani said that the digital economy could be a key driver for India's growth. Digital economy can offer high-quality social services as well as upgrade human resources.
"AI expert system, digital is something which can transform India. AI allows you to scale up and get the best thing to everybody," he said.
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