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Published : March 17, 2012 | Author : bafna91
Category : Consumer laws | Total Views : 5155 | Rating :

Rohit Bafna

In the pursuit of globalization, India has responded to opening up its economy, removing controls and resorting to liberalisation. The natural corollary of this is that the Indian market should be geared to face competition from within the country and outside. The Monopolies & 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 our focus from curbing monopolies to promoting fair competition. A broad definition of competition is “a situation in the market in which firms or sellers independently strive for the buyers’ patronage in order to achieve a particular business objective.” The law aims to promote healthy competition. It bans anti-competitive agreements between firms such as agreements to fix prices or to carve up markets, and it makes it illegal for businesses to abuse a dominant market position.

The ultimate raison d’etre of competition is the interest of the consumer. The consumer’s right to free and fair competition cannot be denied by any other consideration. Competition law and consumerism in this context, becomes an instrument to achieve efficient allocation of resources, technical progress, consumer welfare & regulation of concentration of economic power. The Competition Act 2002 ( the Act) prohibits anti competitive agreements between businesses ; like agreements to fix prices or terms of trade, limit the production to reduce competition, carve up the market or customers, discriminate between customers.

 So there is a need to strengthen the competition notably; adequate spread of information throughout the market, free and easy communication and ready accessibility of goods, liberalised trade policy, relaxed foreign investment and type of practices that could indicate abuse include charging unfair prices or imposing other unfair trading conditions on customers, limiting production, or refusing to supply an existing customer without an objective reason.

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