In this digital era, where everyone is connected in an innovative and virtual realm, it is essential to safeguard our virtual world from such frauds. Big companies like Google, Amazon, Facebook (meta) and Apple, known as “Big tech”, have become very powerful. Because of their size, some people believe they use unfair business practices, which can harm competition and consumers. To govern and monitor this cyberspace by promoting competition in the market, India Introduced the Competition (Amendment) Act 2023, which brings new rules called Ex-Ante regulations. The objective of this amendment is to prevent problems before they happen, and the proactive approach will keep the market fair and ensure big tech does not misuse its power.
Considering the increasing rates of cyber scams and fraud among consumers, it is essential to review India’s policies and loopholes in competition law. So, we will learn about the digitalization of the economy, which includes market dominance by the big tech companies, the amendment of 2023 and the changes brought by it, briefly focusing on ex-ante, data privacy and security according to the protection of consumer rights and privacy in the cyber world.
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