🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥

Startup Showcase

Premium Content

Try our Valuation Calculator →

News on Medial

US based big tech giants opposes digital competition bill

Inshorts · 1y ago

US based big tech giants opposes digital competition bill

The US-India Business Council (USIBC), which counts big tech giants like Google, Amazon, Apple, Meta, and Walmart among its members, has urged the Ministry of Corporate Affairs (MCA) to rethink the draft Digital Competition Bill submitted by the committee on digital competition law (CDCL).

Related News

Trouble For Big Techs? MCA Invites Public Feedback On Draft Digital Competition Bill

Inc42 · 1y ago

Trouble For Big Techs? MCA Invites Public Feedback On Draft Digital Competition Bill

The Ministry of Corporate Affairs in India has sought public feedback on a draft Digital Competition Bill, which aims to regulate the practices of big tech companies and other significant digital enterprises. The bill recommends the creation of a Digital Competition Act to enable the Competition Commission of India to regulate large digital entities. Other recommendations include the establishment of quantitative thresholds for designating systemically significant digital enterprises, the obligation for transparent grievance redressal mechanisms, and the empowerment of the Centre to exempt certain enterprises from the bill. The bill also imposes various obligations on big tech companies, such as ensuring cybersecurity and compliance with local laws.

MeitY to discuss digital competition bill draft with industry associations

Economic Times

Economic Times · 1y ago

MeitY to discuss digital competition bill draft with industry associations

The Indian government is holding meetings with industry representatives and associations to discuss concerns over the draft of the digital competition bill. The bill aims to regulate unfair competition and the influence of big tech companies in the digital space. The government has invited representatives from the Ministry of Corporate Affairs and the Competition Commission of India to address industry concerns. The draft bill has received opposition from digital rights groups, including the Internet and Mobile Association of India (IAMAI), who argue that it unfairly burdens digital companies and hinders investments in tech startups.

India Inc raises concerns over draft Digital Competition Bill

YourStory

YourStory · 1y ago

India Inc raises concerns over draft Digital Competition Bill

India Inc expressed its concerns about the draft Digital Competition Bill 2024 in a meeting chaired by MeitY Secretary S Krishnan. IAMAI proposed recommendations for the Dual Legislation, stating that the current Competition Act and the new bill for digital markets are unjust and untenable. The proposed bill seeks to impose obligations on big tech firms with a global turnover exceeding $30 billion to ensure fair competition in the digital space. MeitY will hold further consultations before deciding on any action.

Friends, foes and firework

Economic Times

Economic Times · 1y ago

Friends, foes and firework

The draft of the Digital Competition Bill, 2024, has created unexpected alliances and strained relationships within the industry. The bill aims to regulate foreign-controlled big tech companies for the growth of the Indian digital market. It has brought together unlikely allies and caused divisions among industry colleagues. The government and industry stakeholders are engaged in a cat-and-mouse game as they navigate the potential impact of the bill on the digital economy.

Group Representing Google, Apple, Amazon Opposes Digital Competition Bill

Inc42 · 1y ago

Group Representing Google, Apple, Amazon Opposes Digital Competition Bill

The US-India Business Council (USIBC) has requested the Ministry of Corporate Affairs (MCA) to reconsider the draft Digital Competition Bill. The USIBC, which represents major tech companies like Google, Amazon, Apple, Meta, and Walmart, stated that the proposed bill has a broader scope compared to the EU's Digital Markets Act. The council highlighted concerns that certain restrictions outlined in the bill will ultimately increase costs for end users.

EU denies picking on US tech giants, says US also tackling monopolisation

Economic Times

Economic Times · 7m ago

EU denies picking on US tech giants, says US also tackling monopolisation

The European Union's new Digital Markets Act (DMA) is designed to keep digital markets open and is not specifically targeting US tech giants, according to EU officials. In a response to US congressmen's concerns, EU antitrust and tech leaders emphasized that the DMA applies to any company meeting specific criteria, regardless of headquarters' location. They reiterated the act’s goal of preventing unfair practices by gatekeepers, fostering innovation and competition, similar to US antitrust actions against dominant tech firms.

Indian Startups Pledge Support to Draft Digital Competition Bill; Say Ex-ante Norms Game-changer

OutlookIndia

OutlookIndia · 10m ago

Indian Startups Pledge Support to Draft Digital Competition Bill; Say Ex-ante Norms Game-changer

Nearly 40 Indian startups have come out in support of the draft digital competition bill, advocating for its 'ex-ante' regulations as a potential solution to combat anti-competitive practices of big tech companies. The startups, including Matrimony.com, TrulyMadly, Innov8, QuackQuack, Magicbricks, Hoichoi, and Medibuddy, have written to the Ministry of Corporate Affairs expressing their support and urging the government to move forward with the bill. They argue that the bill will address long-standing concerns and create a level playing field for Indian ventures while ensuring the growth and innovation of startups.

CCI Chief Red Flags Data Dominance Of Digital Giants

Inc42 · 1y ago

CCI Chief Red Flags Data Dominance Of Digital Giants

CCI Chairperson, Ashok Kumar Gupta, highlighted the competitive advantages enjoyed by tech giants who collect and analyze vast amounts of customer data. Gupta pointed out that control over large datasets could create significant barriers for new entrants, potentially leading to a winner-takes-all situation. This statement comes shortly after the Indian government sought public feedback on a draft bill aimed at regulating competition in the digital economy.

China's tech giants lobby for offshore yuan stablecoin, sources say - The Economic Times

Economic Times

Economic Times · 3m ago

China's tech giants lobby for offshore yuan stablecoin, sources say - The Economic Times

China's tech giants, JD.com and Ant Group, are lobbying the central bank to approve yuan-based stablecoins to counter the influence of US dollar-linked cryptocurrencies. They propose launching stablecoins in Hong Kong pegged to offshore yuan, promoting global use of the Chinese currency. If successful, this marks a significant shift in China's view on cryptocurrencies, possibly reshaping its strategy for yuan internationalisation amidst escalating competition in global digital finance and trade markets.

Europe Is Breaking Open the Empires of Big Tech

Wired · 1y ago

Europe Is Breaking Open the Empires of Big Tech

The European Union is taking steps to rein in the power of big tech companies from the US by enacting the Digital Markets Act (DMA). The DMA aims to break open the dominance of companies like Google, Amazon, Apple, Meta, Microsoft, and TikTok parent Bytedance by requiring them to make changes to their services. This includes allowing users to download apps from sources other than the Apple App Store, opening up Microsoft Windows to alternative search engines, and promoting competition in search results. Some tech giants have expressed concerns and filed legal challenges against the new regulations. The DMA intends to encourage innovation and give smaller businesses a chance to thrive in the tech industry.

Trackers

Active Indian VC’s

OG Capital Email

With a hands-on approach, OG Capital aims to invest in over 20 promising...

Accel Partners Email

Early and growth-stage investments in disruptive technology companies with...

Early-stage venture capital firm investing in technology startups in India. Focus on...

Access All Trackers

Startup Showcase Winners

Sept 2025

Your Health, Simplified with Smart Care

An ecosystem for curated creative partnerships

Your Health our Priority.

Enter Ongoing Startup Showcase

Top Users

Trending News on Medial

Discord data breach affects at le ...

Why world models are the next big ...

How India is playing its oil-buyi ...

Download the medial app to read full posts, comements and news.