Shifting Paradigms, Changing Contexts: Need for a New Competition Law in India

Abstract

This paper is set against the backdrop of the formulation and adoption of a new, modern competition law in India. The paper argues that, unlike the old enactment, which was enacted way back in 1969, the new competition law is arguably robust and takes care of several consumer protection concerns. The paper analyses the socio-economic background of adoption of the old competition law and compares the older enactment with the new legislation. Besides delineating the need for a new competition law, the paper deals with concomitant changes needed along with competition law and policy in order to sustain high economic growth. In conclusion, the paper notes that, in spite of the passage of half a decade since the new competition law was enacted, it is not yet in force. The paper calls for early implementation of the new competition law so that the avowed purpose of consumer welfare can be achieved.