Of Omissions and Commissions:India's Competition Laws

In 2009, India repealed its 40-year-old Monopolies and Restrictive Trade Practices Act, and brought into force most sections of the 2002 Competition Act. After a brief introduction to the basic economic principles underlying modern competition law, this article reviews the country's experience with the MRTP Act. It argues that the way it was structured, amended, interpreted and enforced ensured that it could not really serve as a competition law. Consequently, it did not bequeath a body of expertise that could help in the implementation of its successor, the Competition Act, which is very demanding in terms of economic analysis. The strengths and weaknesses of the new law, the reasons for its delayed implementation, and the first few decisions of the Competition Commission of India are discussed.