Competition: A Potent Tool for Economic Development and Socio-Economic Welfare

Abstract

Competition law is being globally patronized as the most sought after tool for the realization of free market and opening of new vistas. The USA has long history of its experience with competition law who holds it to be an end in achieving the intended goal whereas UK model of Competition Law considers it to be a means in achieving the end. The main issue which arises is the acceptance of law by the society, consumer and business house and the matching of the objective of the Competition law with the socio-economic goals of the nation. Thus, even the development model of competition Law varies with the aim and aspiration of the nation but it has been widely accepted that competition law has to be brought in for more penetration into market and social welfare of the consumers. In India, the Competition Act aims to regulate the market forces thereby permitting healthy and beneficial competition, thereby maintaining a balance between the consumer welfare as well as the industry welfare.