Note4Students
From UPSC perspective, the following things are important :
Prelims level: Competition Commission of India
Mains level: Not Much
Union Minister of Finance and Corporate Affairs recently commemorated the 12th Annual Day of the Competition Commission of India (CCI).
Competition Commission of India
- CCI is the competition regulator in India.
- It is a statutory body responsible for enforcing The Competition Act, 2002 and promoting competition throughout India and preventing activities that have an appreciable adverse effect on competition in India.
- It was established on 14 October 2003. It became fully functional in May 2009.
Its establishment
- The idea of CCI was conceived and introduced in the form of The Competition Act, 2002 by the Vajpayee government.
- A need was felt to promote competition and private enterprise especially in the light of 1991 Indian economic liberalization.
- The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, follows the philosophy of modern competition laws.
- The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises, and regulates combinations (acquisition, acquiring of control, and Merger and acquisition), which causes or likely to cause an appreciable adverse effect on competition within India.
Get an IAS/IPS ranker as your 1: 1 personal mentor for UPSC 2024
