PROTECTION AGAINST ANTI-COMPETITIVE AGREEMENTS AND TRADE POLICIES UNDER COMPETITION LAW IN INDIA
Keywords:
Competition Commission, Dominant Position,, Anti-Competitive AgreemenAbstract
Competition Act 2002 has come into force to replace the Monopolies and Restrictive Trade Practices (MRTP) Act, 1969. After the economic reforms of 1990, it was felt that MRTP has become obsolete pertaining to international economic developments relating to competition law and there was a need of law which curbs monopolies and promotes competition. In 1990s India saw substantial increases in the value and volume of international trade in goods and services, in Foreign Direct Investments (FDI), and in cross border Mergers and Acquisitions (M&A). Competition Act is enacted to provide, keeping in view of the economic development of the country, for the establishment of a Commission to prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers and to ensure freedom of trade carried on by other participants in markets, in India, and for matters connected therewith or incidental thereto.
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