ROAD MAP OF EVOLUTION AND DEVELOPMENT OF COMPETITION LAW: INDIA

The Competition law & policy forms an inherent part of developing world to not only protect their domestic markets but also compete fairly and effectively in the international market. These policies have been very instrumental in fostering sustainable development as well as restricting anti-competitive behaviour which inhibits economic growth. The implementation of competition law must be in coherence with the level of overall development in the country since there is no one legal framework which would suit all the jurisdictions. The competition policy of India creates an active and viable environment for the industries to compete domestically as well as internationally with an aim to promote economic development using advanced technologies and an adequate capital. Hence the government must play an active role in promoting economic liberalization by focusing on various policies such as foreign direct investment, licensing of technology, intellectual property rights and eliminating trade barriers rather than just following the conventional principles of the competition law. The competition policy’s main concern is that the corporations with market powers are not able to harm the interests of consumer by anti-competitive practices. Although the competition law and competition policy goes hand in hand yet they can be distinguished. This article has the intention to portrait the evolution of the competition law in India. Why do we need such kind of law in India, what were the major reasons to bring MRTP and the road forward to Competition act?