To achieve such an ambitious goal, it is clear that the government must develop and adopt laws and policies that create economic democracy and competitiveness. The Indian Competition Commission has set itself the goal of creating a strong competitive environment. The need for competition law is due to the fact that the market can suffer failures and distortions and that many players may resort to anti-competitive activities such as cartels, abuses of dominant position, etc., which have negative effects on the economic efficiency and well-being of consumers. The ICC acts as a competition authority in India. The Commission was established in 2003, although it was not fully operational until 2009. The aim is to create a competitive environment in the Indian economy by proactively acting with all stakeholders, government and international jurisdiction. The Commission`s objectives are: in October 2018, the Ministry of Economic Affairs, chaired by Mr Injeti Srinivas, created the Competition Law Review Committee (CLRC) to conduct a comprehensive review of the Competition Act and to propose substantive and procedural changes for a robust competitive system. The bill proposes several amendments to the act based on the committee`s recommendations. The Monopolies and Restrictive Trade Practices Act of 1969 was repealed and replaced by the Competition Act, 2002, on the recommendation of the Raghavan Committee. At a time when closed economies are moving to open economies, an effective competition commission is essential to ensure the viability of domestic industries, which are carefully balanced with the benefits of competitive foreign investment. In this context, it is essential to strengthen and recalibrate competition law in order to promote good practices that will enable the citizens of this country to achieve their wishes and value for money. The CLRC presented its report in July 2019 and its recommendations were widely considered in the latest Competition Bill (Amendment) 2020.
The ICC was created by the Vajpayee government in accordance with the provisions of the Competition Act 2002. The ICC faces many challenges in implementing competition laws. The challenges can be internal and external. Upsc aspirants to civilian service control should have a good understanding of the functions of the various legal and constitutional bodies, as this is an important element of the program`s Indian policy in the IAS audit. The Competition Act 2002 was passed by the Indian parliament and governs competition law in India. The law received the president`s approval in 2003. Competition laws have been called Magna Carta of free enterprise. Competition is important for maintaining economic freedom and our free enterprise system. The preamble to the Competition Act focuses on the development of the economy and the country by avoiding unfair competition practices and promoting constructive competition. The ICC`s tasks are as follows: it is hoped that with these proposed amendments, the legislation will prove to be an effective instrument to realize the dream of making India a $5 trillion economy and protecting the interests of consumers as a whole by ensuring healthy competition in the economy, leading to effective and sustainable economic growth.