FM Warns Big Tech Firms Threaten Free and Fair Digital Markets

While speaking at the 16th Annual Day Celebrations of the Competition Commission of India (CCI) today, Finance Minister Nirmala Sitharaman stressed that the emergence of gatekeeper platforms has challenged the principles of free and fair digital markets.

Notably, gatekeeper platforms are tech companies who have significant market share, while controlling a large number of digital services across the globe. Previously, Google, Amazon and Meta have come under regulator’s scrutiny around the world.

She also highlighted her concerns pertaining to issues, including market power, transparency, data access, algorithmic biases, and the scope of competitive harm that artificial intelligence can cause.

The Finance Minister also emphasised the importance of a light-touch, principles-based regulatory framework built on trust to boost productivity and employment. She insisted that regulators must be guided by the principle of ‘minimum necessary, maximum feasible’ to balance regulatory vigilance.

“In an export-challenged, environment-challenged, energy-challenged, and emissions-challenged world, the increased reliance on domestic growth levers requires ensuring the right balance of regulation and freedom, which can unleash the creative and productive capacities of India's small and medium entrepreneurs, leading to innovation, greater competition, and overall prosperity,” she said while indicating tighter regulations can become counterproductive.