“Chartered Accountants (CAs) are vital for corporate governance and compliance. They assess a company’s financial performance and competitiveness.”

The Competition Commission of India (CCI) is tasked with eliminating anti-competitive practices, promoting competition, protecting consumer rights, and facilitating free trade in Indian markets. It is also responsible for offering opinions on competition-related matters referred to it by statutory authorities. Furthermore, the CCI engages in competition advocacy, raising public awareness, and providing training on competition issues. In line with its role, let’s have a look at the Chairperson’s insights on various aspects.

Q 1. ICAI and the profession has come a long way and has been collaborating with all the regulators and stakeholders. Going ahead, as ICAI is entering into the 75th year of its formation, how do you foresee the role of the accountancy profession and the ways in which the profession can collaborate with the regulators to promote trust, transparency and accountability?

Smt. Ravneet Kaur: The Institute of Chartered Accountants of India (ICAI) and the chartered accountancy profession have grown through working with regulators and stakeholders. As ICAI marks its 75th year, it needs to reflect on how the profession can collaborate with regulators to enhance trust, transparency, and accountability. Chartered Accountants (CAs) are vital for corporate governance and compliance. They assess a company’s financial performance and competitiveness. They also foster a culture of competition and compliance within enterprises. CAs support smooth competition compliance by providing accurate and reliable accounting information. They can help CCI analyse possible abuses like predatory pricing using their bookkeeping and costing skills. They can also help CCI calculate appropriate penalties that correct the market and ensure fair competition. CAs advise businesses on competition law compliance, anti-competitive effects, financial reports, and competition law analysis. They also ensure effective implementation of compliance programs and pro-competitive methodologies during internal audits. CCI, ICAI, and other regulators share the common goal of developing a competitive economy.

Q 2. What is your outlook on India’s economic growth? What are the key challenges for Indian economy and what can be the best course of action in dealing with these challenges?

Smt. Ravneet Kaur: India’s economic growth outlook is positive and resilient to global uncertainties. The country’s consumer-driven economy and investment attractiveness drives its growth. Factors such as private consumption, capital expenditure, corporate balance sheets and credit to MSMEs support India’s growth. The CCI competition regime promotes healthy competition and a level playing field, enhancing the economy’s strength and growth. The challenge is to ensure fairness in digitalisation and e-commerce markets, where anti-competitive forces may arise. To meet this challenge, CCI aims to make competition an economic way of life in India, ensuring fair market conditions and enforcing regulations while enabling new technologies and business methods. Collaboration with other regulators aims to facilitate the creation of a competitive and inclusive economic environment.

Q 3. What are the key initiatives you are planning to take or taking for building India into a 5 trillion economy?

Smt. Ravneet Kaur: CCI has been actively working towards fulfilling the mandate of the Competition Act, 2002. As a market-enabler, CCI focuses on competition rather than competitors. One of our key initiatives has been the Green Channel route for merger and acquisition transactions. This route provides immediate approvals for notified transactions that fall under the Green Channel scheme. This has significantly reduced the time and cost of transactions and has been a major growth-inducing factor in the Indian economy. In the past year, the Commission reviewed approximately 99 cases under its combination regulation mandate, with 25 cases falling under the Green Channel. With the recent amendment, which reduces the timeline for reviewing combinations from 210 days to 150 days, we will continue to ensure that pro-competitive business models contribute effectively to the strengthening of the economy.

The concept of Leniency Plus has been introduced through the amended Act. This allows enterprises under investigation for one cartel to disclose information about another cartel, leading to penalty reductions for the disclosed cartel. This new approach aims to build a trust-based relationship between the regulator and regulated entities, reducing loopholes and distortions in the economy and making it more robust.

Furthermore, the amended Act includes provisions for commitments and settlements, which help reduce the litigation burden on both state entities and the private sector. Thus, CCI aims to create a competitive environment that fosters economic growth and helps build India into a 5-trillion economy.

Q 4. We all are witnessing the interplay of technology in our lives; how do you perceive its role in the regulatory paradigm. How do you feel the workplace/professional profile will evolve as we embrace technology?

Smt. Ravneet Kaur: CCI is proactive in addressing the challenges posed by technology in the regulatory paradigm. We embrace emerging technologies and adapt to agile working methods. Through market studies, such as the one on e-commerce, we anticipate disruptions and ensure fair play and consumer protection. CCI closely monitors concerns like platform neutrality and deep discounting. We prioritize merit-based competition, transparency, and reduction in information asymmetry. Our focus is on fostering sustainable business relationships and taking enforcement actions against anti-competitive behavior. We encourage platforms to adopt self-regulation to avoid intervention.

Q 5. Based on your experience, how do you foresee the changing profile of accountancy profession in the new economic order?

Smt. Ravneet Kaur: In the changing economic order, the accountancy profession faces the challenges of ensuring fair and efficient market arrangements in the digital era. The CCI addresses issues like platform neutrality and deep discounting to prevent anti-competitive conduct. CAs have a crucial role in promoting competition compliance and need to enhance their knowledge and adopt advanced auditing methods so as to effectively play the role of strategic advisors. The accounting profession will continue to evolve with technology, globalization, and regulation, led by organizations like the ICAI.

Q 6. Please share with us your journey, and three key learnings for the younger generation you wish to share.

Smt. Ravneet Kaur: I have 34 years of rich and varied experience in the Indian Administrative Service, working with the Government of India and the Government of Punjab. My professional expertise spans the fields of finance, accountancy, budget, economic affairs, industry, business, management, and competition. I have held leadership positions in various departments and organisations at the central and state levels.

The key learnings from my career are:

• Time management: This trait helps value and manage time efficiently. Everyone has 24 hours on their hands but being punctual gives a head start and is vital in one’s professional career.
• Dedication/Commitment: It is very important to have a passion for your work, which ingrains hard work and determination as a way of life and helps you achieve the desired goals.
• Honesty/Integrity: This is one of the important life lessons to follow. Being truthful and ethical in your work gets you to the destination.

Q 7. Being in prominent and demanding positions, how do you manage your work life balance? What would be your advice to today’s generation in managing the right work-life balance?

Smt. Ravneet Kaur: Finding a balance between work and life can be difficult when one has a prominent and demanding role. It is important to allocate time and energy for both professional and personal goals. One can achieve this balance by managing time and prioritising tasks effectively. Setting aside specific time for work and personal activities helps use time and energy wisely. Moreover, taking care of one’s physical and mental health is vital for maintaining a work-life balance. One needs to look after oneself to ensure their well-being and productivity. My advice to the current generation is to focus on their priorities, use their time wisely and care for their physical and mental health while handling work and life demands.

Q 8. ICAI is taking a number of initiatives in the national interest and social empowerment like MSME, StartUps, Financial and Tax Literacy Drive. What are your views on a few important themes like Women Empowerment, Sustainability, Financial Literacy, and Inclusive growth?

Smt. Ravneet Kaur: Economic development today encompasses sustainability, gender equality, inclusivity, and holistic indicators. As a competition regulator, we can align our laws and policies with sustainability goals and encourage businesses to adopt sustainable practices. Women empowerment is a key aspect of sustainability as the latter requires the adoption of gender-sensitive approach by incorporating women’s perspectives and needs in our analyses. We can facilitate women’s access to markets as consumers, entrepreneurs, or workers by removing barriers and creating incentives. Within our own organization, we promote a gender-equal and inclusive culture. At CCI, women hold leadership positions and excel in their roles. We believe in providing equal opportunities for all the qualified individuals. As a competition regulator, we can be objective in regulations and enforcement while promoting sustainability and social inclusivity.

Q 9. As we move towards India@100, what is your vision to achieve the same and what would be the themes that would help India to become self-reliant?

Smt. Ravneet Kaur: India@100 is a vision of achieving sustainable prosperity through productivity, social progress, environmental sustainability, and resilience. It requires a competitive and dynamic market that fosters innovation, efficiency, and consumer welfare. The Competition law, with its recent amendments, is a key instrument to promote and protect competition in the market and to prevent anti-competitive practices that distort the market. It also encourages market players to adopt a pro-competitive mindset and behaviour that will contribute to India’s self-reliance. Our current competition regime, with its enhanced powers and tools, is capable of addressing the challenges and opportunities of the changing economic landscape, both domestically and globally. It is aligned with international best practices and standards such as deal value-based criterion for notifying combinations, negotiated settlements and commitments, reduction in time-limits for approving combinations and a leniency plus regime. These measures will facilitate ease of doing business, facilitate market corrections and compliance with competition law. A strong and vibrant economy will enable India to achieve its goals of self-reliance and leadership in all domains.