Key Objectives of the Competition Act, 2002

 

🎯 Key Objectives of the Competition Act, 2002 (Section 18)

1. Prevent Anti-Competitive Practices

   • Curb practices like cartels, bid-rigging, price-fixing, abuse of dominance, etc.

2. Promote and Sustain Competition

   • Ensure that the market remains competitive and dynamic, encouraging innovation and efficiency.

3. Protect the Interests of Consumers

   • Guarantee fair prices, wider choices, and improved product quality.

4. Ensure Freedom of Trade

   • Eliminate entry barriers and ensure freedom of trade for all market participants.

5. Regulate Combinations

   • Monitor mergers, acquisitions, and amalgamations that may lead to a dominant position or reduce competition.

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🏛️ Preamble-Based Summary

"An Act to provide, keeping in view the economic development of the country, for the establishment of a Commission to prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers and to ensure freedom of trade..."