The Hindu Business Line : Govt may bring in changes in competition law

THE Government proposes to bring in amendments to the Competition Act, 2002 at the earliest. This was stated by the Secretary Ministry of Company Affairs, Ms Komal Anand, at a seminar on Competition Advocacy for Industry organised by the Competition Commission of India (CCI).

The Ministry is considering certain amendments to the Act in the context of the judgment delivered by the Supreme Court, she said.

"Once the Competition Commission is made fully operational, the Monopolies & Restrictive Trade Practices Commission would be wound up to usher in a new competition regime."

Ministry sources indicated that the amendments would be in place by monsoon session of Parliament.

Earlier, speaking at the seminar, the Minister of State for Company Affairs, Mr Prem Chand Gupta, said free and fair competition was one of the pillars of an efficient economy.

"Competition stimulates innovation and productivity and leads to optimum allocation of resources in the economy. But some enterprises undermine the market by resorting to anti-competitive practices for individual gain."

Mr Gupta emphasised the need for a competition law to discipline anti-competitive market behaviour in the larger interests of the economy and the consumers.

He added that countries that have embraced market economy are also reinforcing their economies by enacting competition law.

"India has a more competition-friendly regime now with greater freedom for business entities. This has resulted in a dynamic growth of the economy."

The Minister said that some businessmen may form cartels and big companies may abuse their dominant position.

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