LECTURE 1- HISTORY OF COMPETITION LAW IN INDIA| MRTP ACT| RAGHAVAN COMMITTEE| COMPETITION ACT 2002|

Competition means economic rivalry between entities or companies, to draw the highest number of consumers and earn the most profit. Competition law is also called in some countries as Antitrust law. Free and fair competition is essential for creating and maintaining an environment conducive to business and a prosperous country. The objective of all competition laws, around the world is to ensure an environment where all companies compete fairly. The first act introduced in India for the regulation of competition was Monopolies and Restrictive Trade Practices Act, 1969. When the Act was found to be inadequate, a new act called the Competition Act, 2002 was introduced.

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