Main Article Content
Abstract
Monopolies and Restrictive Trade Practices came into existence in 1969. Though, the MRTP Act was a commendable foot forward by the legislature to regulate the functioning of the market, it’s primary area of operation was curbing monopolies and prohibiting monopolistic and restrictive trade practices due to this, with emergence of elements like globalization on the market economy platform and with rising importance of making the markets more competitive over the years, a change was necessitated through an Act of Legislature, an Act which would focus on promotion of competition in the market. Competition Act, 2002 was a result of these changes, in time and objectives. Competition Act, 2002 was primarily based on the recommendation of Raghavan Committee (appointed by the Union Government) and submissions made by other interested parties. Competition Act, 2002 was primarily enacted to bring India in line with changing economic shift and to weed out the drawbacks of MRTP Act, to make it abreast with the changing needs of the market. Terms and concepts like ‘cartel’, ‘abuse of dominant position’, ‘competition advocacy’, ‘appreciable adverse effect on the market’, ‘anti-competitive agreement’ among others were introduced for the first time with the Act.