Ellen Jakovic, Aaron Nielson, Christine Wilson, Apr 15, 2011
India’s economy is fast becoming one of the largest and most vibrant in the world. While the recent global economic downturn has caused the economies of other large nations to stagnate, India’s continues to thrive. Indeed, Willem H. Buiter, chief economist for Citigroup and a chaired professor at the London School of Economics, recently predicted that “India will be the largest economy in the world by 2050.” The world is paying close attention to India and its remarkable progression into an economic superpower.
But rapid growth brings challenges. One formidable challenge facing India lies in crafting a merger review regime that protects the country’s legitimate sovereign interests while avoiding the imposition of undue costs on merging parties and consumers. The magnitude of this challenge is apparent when one considers the remarkable amount of attention that has been paid to the lengthy process undertaken by the Competition Commission of India (“CCI”) in preparing to launch India’s merger regime. Each step in the process has been the subject of intense scrutiny and lively dialogue not only within India, but also around the globe. This lengthy process is drawing to a close: On March 1, 2011, the CCI published what it hopes will be the last draft of the Combination Regulations before they take effect on June 1, 2011.
The Draft Regulations present important questions for India, but also for international competiti