Competition refers to firms striving for buyers' patronage to achieve business objectives like profits or market share. The Competition Act of 2002 in India replaced prior legislation and established the Competition Commission of India to eliminate anti-competitive practices, promote fair competition, protect consumer interests, and ensure freedom of trade in Indian markets. The Act prohibits anti-competitive agreements and abuse of dominant positions while regulating combinations to protect competition.

2. What is Competition?
It is “a situation in a market in which firms or sellers
independently strive for the buyers’ patronage in order to achieve
a particular business objective. For example , profits,sales or
market share”(World Bank, 1999)

3. Competition Act 2002 History
• The Govt. of India introduced the bill in 2001
• Bill passed in December 2002
• On 13 Jan 2003 the President of India gave his assent
• Competition Commission of India (CCI) is advocacy for Competition Act 2002
• It replaces Monopolies and Restrictive Trade Practices Act 1969

4. Objectives of Competition Act 2002
• Eliminate practices having adverse effect on competition
• Promote & sustain competition
• Protect interests of consumers
• Ensure the freedom of trade carried on by other participants of themarket

5. Main Features of Competition Act 2002
• Prohibits anti competitive arguments (Sec 3)
• Prohibits abuse Dominant positions (Sec 4)
• Provides the Regulations of combinations (Sec 5&6)
• Enjoins Competition Advocacy (Sec 49)

6. Competition Commission of India
• Duty to eliminate practices having adverse effect on competition, promote
and sustain competition, protect the interests of consumers and ensure
freedom of trade in the markets of India
• Give opinion on competition issues

7. THANK YOU