Union Government has constituted a Competition Law Review Committee to review the Competition Act, 2002 to ensure that it is in sync with the present economic scenario.
About:
The Competition Act was passed in the year 2002 and the Competition Commission of India was set up in pursuance of the same. The Commission started functioning from 2009.
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 thus the review committee is being setup.
The committee will be chaired by Secretary, Ministry of Corporate Affairs.
The Committee shall complete its work and submit its report within three months of the date of its first meeting.
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