ASCOLA Competition Law series
Edited by Roger Zäch, Andreas Heinemann and Andreas Kellerhals
Chapter 5: Metamorphosis of Indian Competition Law
Srinivasan Chakravarthy* INTRODUCTION 1 This chapter addresses the evolution of competition policy and law in India, tracing the economic scenario in India before and after the 1991 reforms; a description of the extant competition law (Monopolies and Restrictive Trade Practices Act 1969, briefly referred to as the MRTP Act) in the country; and a description of the metamorphosis of the MRTP Act into a new law (Competition Act 2002, as amended in 2007, hereinafter referred to as the Act) and its features. Since attaining independence in 1947, India, for the better part of half a century thereafter, adopted and followed policies comprising what are known as ‘command and control’ laws, rules, regulations and executive orders. The competition law of India, namely, the MRTP Act was one such policy. In 1991 widespread economic reforms were undertaken and consequently the march from ‘command and control’ economy to an economy based more on free market principles commenced its stride. As is true of many countries, economic liberalisation has taken root in India and the need for an effective competition regime has also been recognised. 2 2.1 HISTORICAL DEVELOPMENTS LEADING TO THE ENACTMENT OF THE MRTP ACT Constitutional Provisions The Constitution of India, in its essay in building up a just society has mandated the State to direct its policy towards securing that end. Articles 38 and 39 of the Constitution of India, which are part of the Directive * Dr. S. Chakravarthy is a civil servant in India. He was a Member of the...
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