FM Nirmala Sitharaman calls upon regulators to catch up with new business realities

Union Finance Minister Nirmala Sitharaman said on Friday that India is rapidly transforming into a new economy in the globalised world, which calls for strict regulatory compliances by Indian corporates and multinational corporations.

Even in the G20, discussions are being held to define operations, turnovers and profits which are generated in geographical or physical areas where some these companies do not operate, she said.

"We are still probably wondering how to reign such tendencies. If I use the word abuse, its not always abuse. That is the smoking gun which I think government not just in India, but also in European countries which we think are far ahead of us in competition laws are also confronted with," said Sitharaman while addressing the 10 years of competition law enforcement at DRDO Bhawan here.

"So every now and then, we get these fantastic cases which have fantastic amounts and claims. They have dimensions to the competition law which many countries -- which are so-called free economies -- are struggling to understand and disaggregate so that they can handle each aspect for itself," she said.

-ANI