Ridham Jain, Jindal Global Law School
ABSTRACT
A paradoxical situation is currently in vogue in the Indian scenario. Government of India is actively engaged with divestment policy at one stance, whereas on the other, mega businesses are partaking in expansion of their operations and businesses mostly through inorganic medium, i.e., acquisitions, mergers and amalgamations. Where on one hand, government is promoting the ‘Atma Nirbhar Campaign’, contrastingly, on the other, small and medium sized businesses are being acquired by giant corporates, thus, killing the capabilities of these small yet vital component of the Indian economy. This article discusses about the hurdles in realization of the dream of a Self-reliant India and proposes measures to remedy the situation.
With the Indian Government’s vision of making India a self-reliant country, the competition law should be framed in such a manner that it not only focuses on giant corporates having the potential to cause appreciable adverse effect on competition in India, but also frame laws with respect to more focus on small and medium sized enterprises and prohibit big businesses from acquiring small start-ups and entities with promising opportunities for growth, thus, in true sense making India a self-reliant country by facilitating in capability building.
