The Competition Act, 2002 was enacted in view of the economic development
Q. "The Competition Act, 2002 was enacted in view of the economic development that resulted in opening up of the Indian economy, removal of controls and consequent economic liberalization which required the Indian Economy be enabled to allow competition in the market from within the country and outside." – Elucidate. Introduction The Competition Act, 2002 was enacted by the Indian Parliament to promote competition , prevent anti-competitive practices , protect the interests of consumers , and ensure freedom of trade . The Act replaced the Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act) which had become outdated in the context of a liberalized economy . The post-1991 economic reforms—also known as Liberalization, Privatization, and Globalization (LPG) —required a new legal framework that could regulate market competition and encourage fair trade practices both domestically and globally . Historical Background MRTP Act, 1969: Based on pre-liberalizati...