Competition act, 2002

India has, in the pursuit of globalisation, responded to opening up its economy, removing controls and resorting to liberalisation. As a natural consequence of this the Indian market has to be geared to face competition from within the country and outside. The Monopolies and Restrictive Trade Practices Act, 1969 has become obsolete in certain respects in the light of international economic developments relating more particularly to competition laws and there is a need to shift the focus from curbing monopolies to promoting competition. A High Level Committee on Competition Policy and Law was constituted by the Central Government which submitted its report on 22nd May, 2002. The Central Government consulted all concerned including the trade and industry associations and the general public. After considering the suggestions of the trade and industry and the general public decided to enact a law on Competition. Accordingly the Competition Bill was introduced in the Parliament.