New Developments In Competition Law With The Competition (Amendment) Act, 2023 & Their Implications

Deeksha Yadav, Department of Law, Aligarh Muslim University Centre Murshidabad

Dr. Aijaj Ahmed Raj, Department of Law, Aligarh Muslim University Centre Murshidabad

ABSTRACT

With the ever-changing character of the market-economy, certain changes in the Competition Act, 2002 became indispensable. The Indian Government established the Competition Law Review Committee in the year 2018 with the objective of studying the current state of the market, analyzing the Competition Act, 2002. The Committee recommended certain changes that were necessary to make the Act consistent with the current market trends. With the recommendations, the Government tabled the Competition (Amendment) Bill, 2020, which finally passed as the Competition (Amendment) Act, 2023. The author has tried to discuss the circumstances behind the changes brought in all the major provision of this Act. The author has also tried explore the points which were missed by the Act, which had been highlighted by the standing committee and the probable reasons for the same. Even though the Competition (Amendment) Act, 2023 brought fruitful changes in major provisions of the Act, there are many areas still left uncovered by the same. However, the Amendment Act with proper implementation is expected to satisfy the demands of current situation to a great extent.