Competition LAWS

Every law promulgated by any legislature is based on certain reason, belief and welfare of the society. The laws provide us social security from exploitation, whether it is physical or social. For development of a society and economy it is essential that there should be free competition among players. Every player in the market should have adequate space and time to participate and put their products or services before the people.

The economic environment in the world ha changed in last decade and continuously changing. There emerged large players and MNCs in the local market. The liberalization of Indian economy opened door for many large MNCs to cater emerging markets in India. The Indian companies are also allowed to explore foreign markets for their products and services.

The Government of India in order to check various types of Restrictive and Unfair Trade Practices introduced Monopolies and Restrictive Trader Practices Act, 1969, which regulated and prohibited Restrictive and Unfair Trade practices. But in the course of time and due to changing business and economic environment in the world the MRTP Act, 1969 lost its significance. The government enacted the competition act 2000 which now applies to the all commercial world in India.