09:25 AM EDT, 05/28/2024 (MT Newswires) -- (Adds Amazon response in fourth paragraph)

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 Tuesday, citing a letter.

The US-India Business Council, which is part of the US Chamber of Commerce, asked India to reconsider the proposed law in a May 15 letter, saying such regulations could deter investment, increase digital service prices, and limit service offerings in India, the report said.

An Indian government panel in February recommended new antitrust obligations for dominant digital companies with global revenue over $30 billion and at least 10 million local users. The proposed bill would bar companies from using private users' data to promote their services over competitors, and remove restrictions on downloading apps from outside permitted stores.

Neither Apple ( AAPL ) nor Google ( GOOG ) immediately responded to MT Newswires' request for comment. Amazon ( AMZN ) declined 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.)

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