The Role of Competition Commission of India In Navigating The Turbulent Waters of Indian Market Dynamics

Abstract

Competition law encompasses a set of rules and regulations designed to protect and promote competition, with the ultimate goal of maximizing consumer welfare. Competition law has gone through several stages of development, and it is only in recent times that its significant alteration has aligned more appropriately with the contemporary economic and political landscape on a global scale. During the early stages of competition law, it was primarily formulated by developed economies. Consequently, this exerted influence on developing economies such as China and India, prompting them to adopt competition laws within their own jurisdictions. This adoption has subsequently facilitated a more favorable business environment, even in developing countries, as competition operates on an international scale and possesses a global reach. In the absence of competition rules, a nation may have a range of drawbacks, including negative impacts on consumer welfare, reduced product quality, and limited market options, among others. The Competition Commission of India serves as the regulatory body responsible for overseeing competition within the Indian market and is endowed with the authority to implement competition laws. Competition law refers to the legal framework that addresses various obstacles and distortions in the market. The entity responsible for monitoring and regulating market operations is known as the competition regulator. The commission is legally obligated by the Competition Act, 2002, to proactively mitigate anti-competitive acts, foster and maintain competition in markets, safeguard consumers' interests, and uphold the unrestricted freedom of trade exercised by other participants in the market. This research article seeks to examine and analyze the Competition Commission of India, including its powers, functions, enforcement mechanisms, the regulatory contributions made by CCI in the field of competition regulation, and the significant judgments delivered by CCI.