2023 Budget likely to amend Competition laws

The government is expected to propose amendments to the competition law after taking various suggestions of a Parliamentary panel, in the upcoming Budget session of Parliament.

Discussions are ongoing with respect to amendments to the Insolvency and Bankruptcy Code (IBC) as well as the Companies Act, 2013. The ministry is implementing the Competition Act, IBC and the Companies Act, and amendments to these laws are expected this year.

In addition, the corporate affairs ministry is examining a Parliamentary panel’s suggestions on having a new digital competition law. In August last year, a bill was introduced in Parliament to amend the competition law and was later referred to the Parliamentary Standing Committee on Finance.

The Budget session of Parliament will begin from January 31 with President Droupadi Murmu’s address to the joint sitting of Lok Sabha and Rajya Sabha. The session will have 27 sittings and will continue till April 6 with a month-long recess to examine the budget papers. The first part of the session will conclude on February 14 and after a break, will reassemble on March 12.