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India’s proposed EU-like antitrust law is raising concerns among major technology companies such as Apple, Google, Meta and Amazon. The new law, which is yet to be passed by Parliament, sets out strict compliance obligations that could significantly impact the business models of these global tech giants.

The Indian government is currently reviewing a February panel report that proposed introducing a “Digital Competition Bill” to supplement existing antitrust laws. The development, first reported by Reuters, underscores the increasing regulatory scrutiny of digital markets that are increasingly dominated by a few large companies.

A prominent US lobby group has already expressed its opposition to the bill, fearing the potential business consequences. The new law targets “systemically important digital” companies, which can be identified by domestic revenue of over $480 million or global revenue of over $30 billion, as well as a local user base of at least 10 million for their digital services.

Related: UK regulator investigates tech giants’ AI partnerships over competition concerns

According to the government panel, the need for new regulations arises from the increasing concentration of the digital market, which gives a few large companies significant control over market dynamics. This concentration, the panel argues, forces smaller digital companies and startups to rely heavily on the larger companies, leading to a significant imbalance in bargaining power.

The draft law requires companies to act fairly and without discrimination. Violations can result in severe penalties, with fines reaching up to 10% of a company’s global turnover, which is in line with the strict measures of the EU’s Digital Markets Act.

The technology industry is closely following the development of this legislation, aware that its passage could usher in a new era of regulatory challenges in one of the fastest-growing digital markets in the world.

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