India

Trilegal | English | AcademicThink | Jan. 23, 2026 | UndeterminedLegal Exposure

The Competition Commission of India (CCI) directed three liquor vendor associations in Maharashtra to cease cartelisation activities including price fixing, control over market entry, and collectively setting retail terms. Despite finding evidence of cartel conduct, CCI refrained from monetary penalties due to mitigating factors such as first-time offence and limited financial capacity.

CCI dismissed a complaint against Google Play Store by Liberty Infospace, ruling that Google’s conduct in terminating developer accounts was justifiable to protect platform integrity and did not constitute abuse of dominance. The decision underscored the need to assess dominant position abuse in market context rather than in isolation.

In a significant enforcement action, the CCI imposed the maximum penalty based on the global turnover of six companies involved in bid rigging in solid waste management tenders for Pune Municipal Corporation. This marked the first use of the 2024 Penalty Guidelines allowing penalty calculation on global turnover when relevant turnover is infeasible. The CCI rejected mitigating factors due to the severity of the collusive conduct.

The National Competition Law Appellate Tribunal (NCLAT) largely upheld CCI’s finding that Meta and WhatsApp abused dominance by imposing unfair data-sharing terms in WhatsApp’s 2021 policy update. It upheld a penalty of INR 213.14 crore (~USD 23.6 million) but set aside a five-year ban on data sharing for advertising purposes, allowing other user consent remedies instead. Meta and WhatsApp have appealed to the Supreme Court.

NCLAT ruled that the CCI lacks jurisdiction over patent-related disputes, affirming its dismissal of a complaint against Vifor International regarding licensing and pricing of a patented pharmaceutical ingredient. The CCI has challenged this decision in the Supreme Court.

The Kerala High Court affirmed the CCI’s jurisdiction to adjudicate abuse of dominance claims in regulated sectors such as broadcasting. The court held that the Competition Act and Telecom Regulatory Authority of India Act operate concurrently, with CCI’s jurisdiction applicable for competition issues distinct from sectoral regulatory matters.

Livemint | English | News | Jan. 23, 2026 | UndeterminedTrade Issues and Numbers

US President Donald Trump expressed optimism about the prospects of the India–US Bilateral Trade Agreement (BTA), stating that the two countries are “going to have a good deal.” He praised Indian Prime Minister Narendra Modi as a close friend and respected leader while acknowledging ongoing tough negotiations, particularly over tariffs and geopolitical issues related to Russian oil imports. Trump highlighted India’s recent reduction of oil purchases from Russia in response to US pressure but noted that tariffs remain a point of contention.

The proposed BTA aims to more than double bilateral trade between India and the US, targeting USD 500 billion by 2030 from the current USD 191 billion. Talks first began during Modi’s Washington visit in February 2025, with multiple negotiation rounds since. Despite tensions, India’s Ministry of External Affairs affirmed that talks have not stalled, emphasizing ongoing commitment from both sides to reach a balanced and mutually beneficial trade agreement.

MEA spokesperson Randhir Jaiswal rejected claims that Modi did not engage sufficiently with Trump, confirming frequent communications between the two leaders in 2025. This followed comments by US Commerce Secretary Howard Lutnick, who suggested Modi was reluctant to engage directly with Trump, which he said contributed to higher tariffs and delays in the trade deal.

The Economic Times | English | News | Jan. 23, 2026 | UndeterminedEconomic Growth

David Rubenstein, co-founder of the Carlyle Group, provided insights on the global economic outlook, US-China relations, and India’s economic future during an interview at the World Economic Forum in Davos. Despite initial concerns, President Trump’s tariff policies have not triggered the predicted recession or high inflation, with the US economy currently growing at around 3%, unemployment at 4.4%, and inflation below 3%. Rubenstein noted that while Trump’s pro-business stance generally pleases corporate America, not all policies are uniformly supported or implemented, and business leaders adapt to regulatory changes pragmatically.

Rubenstein highlighted the evolving US-China dynamic, acknowledging that despite tariff tensions, China maintains a record trade surplus through increased sales in other markets. He believes Trump and Xi Jinping will continue diplomatic engagements, but neither sees the other as their main problem. Instead, US concerns focus on Russia, Ukraine, the domestic economy, and upcoming midterm elections. The bipartisan continuation of tariffs under President Biden signals a sustained, complex US-China economic competition. Rubenstein emphasized the emergence of a bipolar economic world dominated by the US and China, but predicted that India could become the world’s largest economy within 20 to 30 years due to its young, growing population, in contrast to China’s aging demographic.

Regarding private equity, Rubenstein asserted that despite recent public market strength focused on a few mega-cap stocks, private markets have historically outperformed and remain robust and thriving, especially in India. He noted the growth and increasing competition in India’s private equity and credit markets over the past 25 years, expressing optimism about India’s economic trajectory supported by a capitalist-friendly government. Rubenstein advised Indian policymakers to foster homegrown private investment and encourage the return of Indian talent from abroad to further stimulate growth.

On investment strategy, Rubenstein recommended diversification across public equities, public credit, and private investments, with many US endowments holding 20-30% in private markets. He acknowledged higher expected returns but increased risks in emerging markets, now often termed the Global South. Carlyle balances AI investments with other sectors, recognizing AI as a transformative but still early-stage phenomenon while also identifying value in undervalued industries.

Lastly, Rubenstein addressed global geopolitical risks, expressing skepticism about an imminent Chinese takeover of Taiwan, citing lessons from Ukraine and China's prolonged peace. He emphasized the need for private equity firms to blend youthful innovation with experienced leadership to navigate future challenges. Carlyle plans to continue expanding its presence in India across sectors including credit and infrastructure, fueled by India’s large population and growth potential.