06:58 AM EDT, 05/28/2024 (MT Newswires) -- Apple ( AAPL ) , Amazon ( AMZN ) , and Google ( GOOG ) , represented by a US lobby group, have urged India to reconsider its proposed competition law, arguing it could raise user costs, Reuters reported on Tuesday, citing a letter.

The US-India Business Council (USIBC), which is part of the US Chamber of Commerce, has asked India to reconsider the planned law in a May 15 letter stating that these regulations could deter investment, increase digital service prices, and limit service offerings in India, the report said.

In February, an Indian government panel recommended new antitrust obligations for dominant digital companies with global turnovers over $30 billion and at least 10 million local users, Reuters said, adding that the bill recommended prohibiting the exploitation of non-public user data and the preferential promotion of their services.

Apple ( AAPL ), Amazon ( AMZN ), and Google ( GOOG ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 194.22, Change: +4.24, Percent Change: +2.23