Vaibhav Puri

Competition Act, 2002: a Review Vaibhav Puri

Competition operates simultaneously in all economic scenarios. This has been recognized world over and economies have formulated laws for dealing with the issue. In this respect, India has been a late entrant. The issue has been dealt with the Competition Act of 2002 which is exemplary in this regard. The Act provides for explanations for different significant operational scenarios and outlines legalities for the same. It has been amended since 2007 and the current Amendment is proposed in the Competition (Amendment) Bill of 2012.