International Journal of Science and Research (IJSR)

International Journal of Science and Research (IJSR)
Call for Papers | Fully Refereed | Open Access | Double Blind Peer Reviewed

ISSN: 2319-7064

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Research Paper | Law | India | Volume 12 Issue 11, November 2023 | Rating: 4.8 / 10

Revision of India's Competition Law: The Competition Act, 2002's Development, Significance and Prospects

Arpita [47]

Abstract: This article explores how the Competition Act of 2002, which superseded the Monopolies and Restrictive Trade Practices Act of 1969, completely changed India's competition laws. It critically analyses the evolution of the Act in light of India's economic liberalization and adherence to international trade norms, including the Act's subsequent amendments in 2007 and 2009. The article outlines the main goals of the Act, which are to protect consumer interests, encourage market competition, reduce anti-competitive behavior, and adjust to the dynamics of global economic trends. The creation of the Competition Appellate Tribunal (COMPAT) and the Competition Commission of India (CCI) as regulatory agencies tasked with enforcing market justice is also covered. It also examines the Act's important role in promoting innovation, guaranteeing quality, and expanding consumer options in the marketplace.Lastly, it discusses the Act's applicability in the digital age and the problems that still arise, outlining potential areas for modification and advancement.

Keywords: Economic Liberalization, Anti-Competitive Behavior, Competition Commission of India, Competition Act 2002 India, and Compliance with Global Trade Norms

Edition: Volume 12 Issue 11, November 2023,

Pages: 1963 - 1968

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