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New Delhi : In pursuance of its objective of ensuring that Legislation is in sync with the needs of strong economic fundamentals, the Government has constituted a Competition Law Review Committee to review the Competition Act. Secretary, Ministry of Corporate Affairs, is the Chairperson of the committee while Chairperson, Competition Commission of India (CCI), and Chairperson, Insolvency & Bankruptcy Board of India, are among its 9 Members.
The Competition Act was passed in 2002 and the Competition Commission of India was set up in pursuance of the same. The Commission started functioning in right earnest from 2009 and has contributed immensely towards the development of competition and fair play practices in the Indian market.
During the past nine years the size of the Indian Economy has grown immensely and India is today amongst the top five Economies in the World and poised to forge ahead further. In this context, it is essential that Competition Law is strengthened, and re-calibrated to promote best practices which result in the citizens of this country achieving their aspirations and value for money, according to a PIB release.
The Committee will review the Competition Act/ Rules/ Regulations, in view of changing business environment and bring necessary changes, if required. It will also look into international best practices in the competition fields, especially anti-trust laws, merger guidelines and handling cross border competition issues.The Committee shall complete its work and submit its report within three months of the date of its first meeting.