New Delhi | Highlighting the importance of competitive markets, Finance Minister Nirmala Sitharaman on Tuesday said the ability of CCI to strike a balance between regulatory vigilance and pro-growth mindset will be integral to building a resilient, equitable, and innovation-driven economic framework.

At the 16th Annual Day function of the Competition Commission of India (CCI), Sitharaman also said that there needs to have the right balance of regulations and freedom.

CCI works to promote fair competition and prevent competitive practices in the marketplace. Besides, mergers and acquisitions beyond a certain threshold need approval of the watchdog.

"The ability of the Commission to strike a balance between regulatory vigilance with a pro-growth mindset will be integral to building a resilient, equitable, and innovation-driven economic framework...," the minister said, highlighting the efforts to become Viksit Bharat by 2047.

Touching upon the emergence of new technologies, Sitharaman, who is also in charge of the Corporate Affairs Ministry, said artificial intelligence technologies raise novel questions about market power, transparency, data access, algorithmic biases, and the scope of competitive harm.

"Free and fair digital markets are challenged by the emergence of gatekeeper platforms, asymmetries in data access, and cross-border implications of digital business models.

"The rise of cross-border digital monopolies demands global cooperation and agile regulation," she noted.

The regulatory framework should also help swift approvals for combinations that do not harm competition, the minister said.

At the event, the minister also released the Diagnostic Toolkit for Public Procurement Officers as well as FAQs on combinations.