Prashant Sharma & Sakshi Sharma, National Law Institute University, Bhopal
ABSTRACT
The evolving economic changes and business environment have poised to usher the government to revamp the legal fabric of the Competition Act 2002 and come with the Draft Competition (Amendment) Bill 2020 for a sustainable economic development and fair play in the market. Previous studies and analysis have primarily relied on the market experience, statistical records, analogies in parallel jurisdictions, and reports of review committees set 0up by the Government for the same,. However, the recommendations in the reports of review committee often lack in analyzing the ramifications that may follow upon the implementation of the suggestions in the report. Very often the review committee reports oversaw the leeward side of a decision, which may consequently detrimental for economic welfare of the society. We have given considerable perusal to the data and information provided in the report of Competition Law Review Committee, other reports of various committees, and articles to analyze the bill through an objective lens. The paper articulates both the sides of the changes brought in the act. Giving due consideration to both sides of the coin, it is pertinent to mention that the suggested changes might be apparently fine-tuned and accolades deserving. However, the ramifications of the Bill may impede the efficiency of the CCI and its independent working. Moreover, the bill still have several inadequacies and interstices to be addressed. The paper even-handedly peruse the provisions of the Bill in order to put forward a rational and coherent assertion. It is the manifestation of opportunities and obstacles that the Bill holds for the future of Indian Economy. A prudent probe of highlights and conclusion in this research paper.
