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State the main provisions of Competition Act, 2002.

The Competition Act 2002 was enacted by Parliament on 13 January 2003 to create fair competition in the economy and to provide 'equal opportunities to all' in this context. The Competition Commission of India (CCI) was established by the Central Government from October 14, 2003. After this, the Act was amended by the Competition (Amendment) Act 2007. On May 20, 2009, of the anti-competitive agreement and key conditions.

The provisions of the Act relating to misuse were notified. This Act applies to the whole of India except Jammu and Kashmir. The Competition Commission of India is fully functional with a Chairman and six members. The Competition Commission focuses on four key points - 
anti-competitiveness agreements, 
misuse of key conditions, 
combination regulation, 
and competition advocacy. 

Practical act for checking the competition
Emphasizes approach. This is different from the approach of the MRTP Act in which the structural approach was adopted.
In view of the economic development of the country, the Competition Act provides the establishment of a Competition Commission, so that the following objectives are achieved
To prevent - Prevent practices that adversely affect competition Promote and maintain competition in the market Protect the interests of consumers; Ensure freedom of trade conducted by other participants in the Indian market or in addition to related matters.

The preamble to Competition Act

To achieve its objectives, the Competition Commission of India should do the following,

1.Build markets for the benefit and welfare of consumers.

2.Ensure fair and healthy competition in the country's economic activities for rapid and sustainable growth and development of the economy.

3.Implement competition policies with the objective of making the most effective use of economic resources.

4.Develop effective relationships and mutual influence with regional regulators to ensure smooth implementation of regional regulatory laws in accordance with competition law.

5.Effectively support competition and disseminate information about the benefits of competition among all stakeholders to establish and nurture a competitive culture in the Indian economy.

"The main objective of competition law is to promote economic efficiency by using competition as a tool to create a market that is favorable to the consumer's priority. The advantage of fair competition is three-way - allocable efficiency - which ensures effective allocation of resources Is. Productive efficiency — which ensures minimal and dynamic efficiency of production costs, which ensures innovative practices. " (Decision in Civil Appeal No.-7999 of 2010 dated September 9, 2010) Competition Commission of India and Competition Appellate Tribunal has been established as per the provisions of the Competition Act. The Competition Commission of India is now fully functioning with a chairman and 6 members. The provisions of the Competition Act relating to misuse of anti-competitive agreements and the key positions of the Commission were notified on 20 May 2009.

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