With the Competition Law provisions fully notified, India has transformed itself from a State regulated and centrally planned economy to a market driven economy. These reforms brought in financial and trade integration globally resulting in the entry of international organizations into the Indian market.
There has been a perspective shift from curbing concentration of economic power as envisaged by the erstwhile Monopolies Restrictive and Trade Practices Act, 1969 (MRTP Act) to promotion and sustaining of competition in India as per The Competition Act, 2002. It is high time Indian industries equip themselves adequately to withstand the competition.
The competition Act, regulates three types of practices (1) anti competitive agreements (2) abuse of dominance and (3) mergers and controls.