Competition Law in India and its Development
Volume III, Issue III, 2020
Competition is the predecessor to success. The Competition Act, 2020 restricts the vertical and horizontal agreements that have an adverse effect on the competition in the market. Markets hopes for sustainability, profits, innovation in this effect along with a fair competition among the markets. The Competition Act, 2002 was legislated to remove anticompetitive practices among markets through preventing anti-competitive agreements and abuse of dominance being created by the big or small ventures in the market. This paper aims to study the evolution of the Competition law way back from MRTP Act, 1969 to the Competition Act, 2002 after the economic reforms in the year 1991 and present to its readers about these concepts in brief manner. Consumer awareness in the field on Competition Law is a must as many times consumers are not aware of the harmful effects of such practices and fail to realize that it is these anti-competitive practices which are keeping markets away. If markets are not competitive then this gives rise to monopolies and oligopolies which have harmful effects in the long run.