Competition is the act of individual sellers striving to gain buyers’ favour in order to increase earnings or market share. The Monopolies and Restrictive Trade Practices Act, 1969 was replaced by the Competition Act, 2002, which was adopted by the Indian Parliament. It currently governs Indian competition law. The Act aims to establish the legal framework and mechanisms necessary to ensure that competition policies are followed, to prevent anti-competitive conduct, and to punish those who do so. The Act safeguards free and fair competition, as well as trade freedom.
The Monopolies Inquiry Commission was created in April 1964 by Supreme Court Justice KC Das Gupta. The commissions’ goal was to investigate the impact and scope of monopolistic and restrictive trade practices in key areas of the Indian economy.
The Monopolies and Restrictive Behaviors Act of 1969 was enacted to reduce wealth concentration in a few hands and monopolistic practices, however its criteria of what constitutes a monopolistic practice were too outdated. As a result, it was determined that India needed a new competition legislation.
Hence The Competition Act was tabled in the Lok Sabha on August 6, 2001, with the stated goal in mind. It was later enacted in 2002.
- Anti Agreements: Any individual or business shall not engage in any production, distribution, or supply activities that may have a harmful impact on competition in India. Any agreement of this nature is considered illegal.
- Abuse of Dominant Position: It will be regarded an abuse of dominant position if an organization or a related individual is determined to be engaging in acts that are unfair or discriminatory in nature. If a party is determined to be abusing their position, the relevant authorities will conduct an investigation.
- Combinations: A combination, according to the legislation, is defined as terms that lead to acquisitions or mergers. However, if such combinations exceed the Act’s limitations, the parties involved will be investigated by the Competition Commission of India.
- Competition Commission of India: The Competition Commission of India is an independent organization with the authority to enter into contracts and sue the parties concerned if those contracts are breached. The Commission is made up of a maximum of six members who are responsible for preserving and promoting consumer interests in order to maintain an optimum climate for economic competition. The Commission’s other role is to provide advice to the Indian government on economic competitiveness and to raise public awareness about the problem.
It can be said that competition act is a mechanism for enforcing and implementing competition policy, as well as preventing and punishing anti-competitive business behavior and needless government intervention in the market. Written and spoken agreements, arrangements, and agreements between firms or individuals are all subject to competition regulations.
I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.
If you are interested in participating in the same, do let me know.
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We also have a Facebook Group Restarter Moms for Mothers or Women who would like to rejoin their careers post a career break or women who are enterpreneurs.
We are also running a series Inspirational Women from January 2021 to March 31,2021, featuring around 1000 stories about Indian Women, who changed the world. #choosetochallenge