Short Essay on Competition Commission of India – A liberal economy, as India now is, prospers on healthy competition without which there is bound to be monopolistic commercial exploitation.
In order to check the accompanying evils of economic liberalisation the State has to regulate trade without excessive intervention.
This can be achieved by two-pronged approach of promoting healthy competition and curtailing monopoly. Keeping this in mind the Government of India decided to enact Competition Act of 2002 replacing Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act).
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Under this Act a quasi-judicial body, the Competition Commission, was formed to promote awareness and imparting training on the competition issues. This Commission also looks into the violations of the Competition Act.
The complaint may be made directly by the complainant or through a reference made by the Central Government, the State Governments or other recognised authorities.
The Commission passes orders for granting interim relief or any other appropriate relief and the compensation may also impose penalties. An appeal from the orders of the Commission lies directly to Supreme Court.