Competition Act on review spree!

In pursuance of its objective of ensuring that Legislation is in sync with the needs of strong economic fundamentals, the Government has constituted a Competition Law Review Committee to review the Competition Act.

 

The Competition Act was passed in the year 2002 and the Competition Commission of India was set up in pursuance of the same. The Commission started functioning in right earnest from 2009 and has contributed immensely towards the development of competition and fair play practices in the Indian market.

 

During the past nine years the size of the Indian Economy has grown immensely and India is today amongst the top five Economies in the World and poised to forge ahead further. In this context, it is essential that Competition Law is strengthened, and re-calibrated to promote best practices which result in the citizens of this country achieving their aspirations and value for money.

 

The Review Committee of the 9 members would run under the Chairperson from Secretary, Ministry of Corporate Affairs.

 

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