The ICC is the competition authority in India. The Commission was established in 2003, although it was not fully operational until 2009. It aims to create a competitive environment in the Indian economy by proactively engaging with all stakeholders, government and international jurisdiction. The Commission`s objectives are as follows: in October 2018, the Ministry of Enterprise Affairs set up the Competition Law Review Committee (CLRC), chaired by Mr Injeti Srinivas, to fully review the Competition Act and propose substantive and procedural amendments for a robust competitive regime. The need for competition law is due to the fact that the market can suffer from deficiencies and distortions and that different actors engage in anti-competitive activities such as cartels, abuse of a market position, etc. can have a negative impact on the economic efficiency and well-being of consumers. To achieve such an ambitious goal, it is clear that the government must develop and adopt laws and policies that promote economic democracy and competitiveness. The Competition Commission of India aims to create a robust competitive environment. The Competition Act 2002 was passed by the Indian Parliament and governs Indian competition law. The law received the introduction of the President in 2003. The main recommendations of the Audit Committee for Competition Law are as follows: the ICC faces many challenges in the implementation of competition law.
Challenges can be both internal and external. Over the past nine years, the size of india`s economy has grown significantly and India is now one of the top five economies in the world and is ready to continue to grow. It is hoped that with these proposed amendments, the law 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, ensuring healthy economic competition leading to efficiency and sustainable economic growth. The ICC was established by the Vajpayee government in accordance with the provisions of the Competition Act 2002. In this context, it is essential that competition law be strengthened and recalibrated in order to promote best practices that lead the citizens of this country to achieve their aspirations and value for money. Prime Minister Narendra Modi notably spoke of working towards fair competition as one of the four pillars to achieve India`s goal of a $5 trillion economy. By proactively cooperating with all stakeholders, including consumers, industry, government and international jurisdictions. The Competition Commission of India (CCI) is a legal body of the Government of India responsible for the enforcement of the Competition Act 2002 and duly constituted in March 2009. Candidates for the UPSC Civil Service Examination should have a good understanding of the functions of the various legal and constitutional bodies, as this is an important part of the Indian political agenda in the IAS examination.
As economies move from closed to open economies, an effective competition commission is essential to ensure the viability of domestic industries, which will be carefully weighed against the benefits of foreign investment, increased competition. 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 missions are as follows: the CLRC presented its report in July 2019 and its recommendations were well reflected in the latest Competition Bill (Amendment) Bill, 2020. . . .