Parliamentary panel warns against Big Tech's 'monopolistic threat', wants govt to act
The parliamentary standing committee on finance presented a 70-page report highlighting how tech giants have certain advantages that tilt the market in their favour
Concerned by Big Tech's influence on competition, a parliamentary panel has called upon government intervention to act swiftly against anti-competitive practices.
The panel labelled the tech giants' ad business a "monopolistic threat" that could harm digital markets. To ensure that the markets stay fair and transparent, the panel has asked the government to act early and swiftly.
The parliamentary standing committee on finance presented a 70-page report which said that the Big Tech ad business is a monopolistic threat since it owns every step in the system that connects ad sellers and buyers. This gives them an undue advantage over the competition, ensuring their monopoly in the market.
The panel presented a set of solutions which also includes an ex-ante evaluation of Big Tech's competition behaviour instead of the ex-post evaluation that is carried out presently. It also proposed a separate Digital Competition Act.
It has to be noted that a month back in November, I&B Minister Anurag Thakur said that the government is working towards a bill to regulate digital media.
Thakur cited the communication of news becoming multidimensional due to a spurt in electronic and digital media to be the reason.
