Recently, the Attorney General for India highlighted the need for new ideas of coexistence between the engine of the free market and the umbrella of social benefit on the 15th Annual Day commemoration of the Competition Commission of India (CCI).
About the Competition Commission of India (CCI)
It was established as a statutory body in 2009 by the Government under the Competition Act, of 2002.
It comes under the Ministry of Corporate Affairs. It is a quasi-judicial body.
It consists of a Chairperson and not more than 6 Members appointed by the Central Government.
It aims to establish a robust competitive environment through proactive engagement with stakeholders and enforcing professionalism, transparency, resolve, and wisdom in its operations.
Objectives:
To eliminate practices that hurt competition;
To promote and sustain competition;
To protect the interests of consumers, and ensure freedom of trade in the markets of India.
Powers and Responsibilities:
The CCI has been entrusted with the enforcement and implementation of the Competition Act (2002).
It has the authority to investigate anti-competitive agreements, abuse of dominant position, and regulate combinations (acquisitions, mergers, and amalgamations) to ensure they do not hurt competition in India.
