New Delhi: On the occasion of Word Competition Day that is celebrated worldwide leading competition law experts, economists and policy experts gathered at a joint event organised by CUTS International and Institute for Studies in Industrial Development (ISID) to discuss the critical role of competition policy in addressing economic inequality, highlighting its potential to create more inclusive economic landscapes across different global contexts.

Pradeep Mehta, Secretary General, CUTS International highlighted the UN General Assembly’s 1980 guidelines on competition policy, noting that 60 competition authorities now recognize its importance. On this date in 1980 the UN General Assembly had adopted the “Set of Multilaterally Agreed Equitable Principles and Rules for the Control of Restrictive Business Practices,” popularly referred to as ‘the UN Set’ Mehta underscored.

He further said that “the UN Set is the first, and so far, the only international instrument on competition law and policy – a milestone worth celebrating. This is the 15th year, when CUTS started this campaign of celebrating world competition day on 5th December, and its formal adoption by the United Nations.

We have received support from around 70 countries, including 60 competition authorities. This day is widely celebrated now.” In the current economic context, Mehta explained that “competition policy is not just about market dynamics; it’s about creating a more equitable economic ecosystem and thus moderating inequalities.”

Delivering the keynote address, Rakesh Bhanot, Adviser (FA), Competition Commission of India highlighted the transformative power of free markets, acknowledging that increased competition has enabled faster business growth and economic development. “Competition provides opportunities for participants in the economic system,” he explained, while also cautioning about potential risks like market monopolies and technological stagnation.

Hariprasad Govinda Principal Economist, South African Competition Commission drew attention to the importance of competition law in redressing historical injustices. Referencing South Africa’s approach, he emphasized that competition policy should be read with public interest in mind, particularly in protecting small and medium enterprises (MSMEs).

He provided many concrete examples to demonstrate how South Africa uses competition law as an instrument to take care of welfare concerns of disadvantaged population.

Highlighting the small island economy perspective, CEO of Fijian Competition and Consumer Commission, Joel Abraham shared insights from maritime markets like Fiji, discussing how competition policy can address structural barriers, reduce information asymmetry, and promote inclusive economic development. “Our focus has been on market-based interventions that empower consumers and encourage investment in innovative sectors,” he said.

Speakers unanimously stressed the need for adaptive competition policies, especially in rapidly evolving digital landscapes. The complex challenges of artificial intelligence, data protection, and digital market dynamics require sophisticated regulatory approaches.

Varidhi Singh, Adviser, CUTS International presented findings from a CUTS study on gig workers, highlighting the sector’s complexities. “While gig work offers flexibility, it often comes at the cost of worker stability,” she noted, calling for targeted policies to address wage disparities and ensure worker safety.

Beena Saraswathy, Assistant Professor, ISID presented striking statistics, revealing that the 25 richest Indians now control over 15% of the country’s GDP. She stressed the need to monitor ownership concentration beyond traditional market competition metrics.

Reji Joseph, Associate Professor, ISID emphasized the growing income inequality, noting that increasing market concentration necessitates a robust competition policy. “The rise in income inequality directly correlates with market concentration, making a strong case for comprehensive competition regulations,” he stated.

The experts unanimously agreed that competition policy must evolve to promote inclusive economic growth, protect consumer interests, support innovation and address structural inequalities.

Given the rise of economic inequalities in economies, including in India, CUTS has convened high level dialogues across the world that are aimed at sensitising policy makers, enforcement officials and researchers about the possible ways to address the rising inequalities.