Indian Startups Voice Strong Support for Digital Competition Bill

New Delhi, May 20 (KNN) Nearly 40 Indian startups, including Matrimony.com, TrulyMadly, Innov8, QuackQuack, Magicbricks, Hoichoi, and Medibuddy, have come out in strong support of the government's proposed Digital Competition Bill.

In a letter to the Ministry of Corporate Affairs, the startups praised the draft legislation as "a catalyst for creating a fairer and more competitive digital ecosystem" that will address long-standing concerns around anti-competitive practices by big tech companies.

The startups argue the Bill will help rein in monopolistic practices that stifle innovation, limit consumer choice, and hinder the growth of young businesses.

While fully backing the draft Bill, they have requested an upward revision of the thresholds for designating Systematically Significant Digital Enterprises (SSDEs) to avoid inadvertently covering startups and allowing them room to grow globally.

"The proposed Digital Competition Bill resonates deeply with the startup community as a forward-thinking legislation that directly addresses our concerns regarding monopolistic practices by dominant digital platforms," the letter stated.

"However, we propose revising the SSDE thresholds upwards to ensure the Bill primarily targets the real gatekeepers enjoying dominant market positions."

The startups have also urged the Ministry not to delay further and move forward with the Bill at the earliest after the public consultation period that ended on May 15th.

The draft Bill aims to curb anti-competitive practices like self-preferencing, tying, and bundling in Indian digital markets.

Gaurav Sahay, a legal expert, highlighted the importance of digital competition law, saying it is "crucial in ensuring digital markets remain competitive, innovative, and beneficial for consumers and businesses" in the modern technology landscape.

(KNN Bureau)