The Competition Commission of India (CCI) had turned a decade old recently. 10 years since its establishment, the Commission is undertaken numerous measures to assure ease and freedom of trade and prevention of unfair practices in the Indian market. However, the current development of technology and business models is posing new and varied challenges to the CCI.
Companies (Amendment) Act, 2019 had received presidential assent on 31st of July this year. India is the first nation to make Corporate Social Responsibility a mandatory duty of those who have huge profits. However, it received disapproval from the corporate sector for its stringent provisions related to Corporate Social Responsibility. This is due to the fact that the law proposes penal provisions that may include fine or imprisonment or both, to the defaulting officers. The government, therefore, had responded to this criticism by changing the defaults on corporate social responsibility as a civil offence rather than a criminal offence.
The parliament had passed Special Economic Zone Amendment Bill, 2019. This Amendment allowed “trusts and any entity” to set up units in the SEZ. It aims to boost investment and generate employment in a wide range of economic activities, including in the infrastructure sector. This Bill opens up the possibility for all types of trusts to operate from the SEZs – public charitable trusts, private trusts run by big and small corporate houses, business trusts like the real estate investment trusts and infrastructure investment trusts and port trusts run by the government. The SEZs are of importance to the Indian economy as they are the catalyst for its growth. However, in India, its full potential is not being utilized like that of China. This new step may boost the SEZs’ potentials. However, necessary steps must be taken by the government to ensure that there is equal economic growth of the nation and not just in the SEZs.
Reading Time:5mins Automobile sales in India saw a steep decline in July this year. The automobile sector is currently facing prolonged demand slowdown for the past 12 months. This had cost at least 15, 000 job losses within 2-3 months, during the period when India is facing an unemployment crisis and overall economic slowdown. What is the …
Reading Time:6mins The world is facing a continuous change due to the ever-increasing scientific and technological development and innovations. These developments have changed the political, social and economic lives of mankind.
The history in itself is defined by the improved technologies and new scientific discoveries like wheels, stone tools, steam engines, trains, automated machines, computers, etc. Now, we are at the cusp of the Fourth Industrial Revolution, the one that is dominated by technologies that far exceed human intelligence.
These innovations and technological growth may help mankind solve existing problems like poverty, death due to calamities, accidents, etc. These developments are fast-paced and ever-growing.
Currently, the laws and government policies are slow in preparing for these new technologies and scientific discoveries. The Indian Government must take immediate steps to make full use of the new and exhilarating possibilities arising out of the Industrial Revolution 4.0.