Saniya Khanna, Symbiosis Law School, Noida , Symbiosis International (Deemed University), Pune
ABSTRACT
India- liberalised and globalised economy. The advent of globalisation led to a paradigm shift in the Indian market leading to shift in the role of the Indian government from the protector to the promoter of competition in India. The policy change caused several hardships and introduced the Indian market to the world thereby the moot issue became whether to protect or not the Indian industries by regulating the competition- the economic markets. The Competition Law and its policy possess the ability to impact the development of the country. Furthermore, for developing economies, the economy is vital as thereby the need to protect domestic industries while engaging in global competition for development demands the regulation of the marketplace. Thereby, the regulation of it becomes important as competition itself can be a detriment and socialism and capitalism are two sides of the same coin.
This article based on secondary sources including books, journals and committee report discusses the transition of the competition Law in India .It discusses the need for the enforcement of the present Act of 2002 in light of the historical event of the nation. The article seeks to shed light on the transition of competition law in India post colonisation while reaffirming the need to regulate the competition in the marketplace.
Keywords: India, Socialism, Competition Law, MRTP Act and Economy.
