Introduction
India’s economy changed a lot in the 1990s. The government gave businesses more freedom. It opened markets through liberalization, privatization, and globalization. This led to more competition and new opportunities. But it also brought many problems. The old laws were not strong enough. They could not stop unfair business practices. They could not handle new market challenges. The Monopolies and Restrictive Trade Practices Act of 1969 was obsolete. It was not able to control the changing economy. Many businesses took advantage of weak rules. Consumers were not fully protected. To fix this, the Indian government made the Raghavan Committee in 1999. The committee studied the old competition laws. Its job was to find problems and give solutions. The goal was to make fair market rules. It was also to protect consumer rights.
This article will explain the Raghavan Committee Report in simple words. We will talk about why the committee was made and also learn about the essential suggestions given by the committee. It will show how these suggestions helped to make the Competition Act of 2002. This new law replaced the old one. It brought new rules to control the market. We will also learn how the new law changed competition in India. Many businesses had to follow strict rules. Unfair practices were checked. Finally, We will learn about the problems associated with using these new rules. Making a law is easy, but applying it is hard. Some businesses did not want these changes. The government had to work hard to make the law successful.
