New Delhi [India], Sept 30 (ANI): In a bid to ensure that legislation is in sync with the needs of strong economic fundamentals, the Centre on Sunday constituted a Competition Law Review Committee to review the Competition Act, which was passed in 2002 and paved the way for the creation of the Competition Commission of India (CCI). Also Read - Photos of Blue, Clear and Breathtaking Yamuna River Amid Coronavirus Lockdown go Viral

“During the past nine years, the size of the Indian Economy has grown immensely and India is today amongst the top five Economies in the World and poised to forge ahead further. In this context, it is essential that Competition Law is strengthened, and re-calibrated to promote best practices which result in the citizens of this country achieving their aspirations and value for money,” the Ministry of Corporate Affairs said in a statement. Also Read - Coronavirus in India: Another COVID-19 Patient Dies in Maharashtra, Death Toll in State Rises to 21 | Highlights

The Review Committee will be chaired by Ministry of Corporate Affairs Secretary, Injeti Srinivas, and will comprise of the Joint Secretary (Competition), MCA, Chairperson of the Competition Commission of India (CCI), Chairperson of the Insolvency and Bankruptcy Board of India, and a number of law firms. Also Read - India to be Under Lockdown For 21 Days, Confirmed COVID-19 Cases Spike to 536

The newly-formed panel has been tasked to review the Competition Act/Rules/Regulations, in view of the changing business environment and bring necessary changes, if required; to look into international best practices in the competition fields, especially anti-trust laws, merger guidelines and handling cross border competition issues and to study other regulatory regimes/institutional mechanisms/government policies which overlap with the Competition Act.

The Committee has been directed to complete its work and submit the first report within three months of the date of its first meeting. (ANI)

This is published unedited from the ANI feed.