The Competition Act, 2002 was enacted by the Parliament of India and governs Indian competition law. It replaced the archaic The Monopolies and Restrictive Trade Practices Act, 1969.
What is Competition Act 2002 and its importance?
The Act protects free and fair competition which protects the freedom of trade. The Act seeks to prevent monopolies and also to prevent unnecessary intervention by the government. The main objectives of the Competition Act, 2002 are: to provide the framework for the establishment of the Competition Commission.
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