History of Competition Law in India. Its an Emerging Area in the Field of Law

The establishment of British Rule in India left the Indian economy crippled. India served as a dumping ground for the forge made cloth and other factory goods from England and was reduced to a mere raw material supplying colony. After victorious Independence against the political competition posed by the British Rulers for many years, India, post independence, started its era of fighting against economic competition, the barely difference being that the threat which India faced was now not only restricted to the British rulers entirely to the whole humanity which considered India as a dream destination for celebrating the advantages of Globalization and repose. Winning Independence gave way to the entrance of many great(p) firms into the Indian market exploring opportunities in various trades and businesses. The condition of the Indian market was very weak and vulnerable to face the talent of these foreign firms, because India at that time neither had the resources nor the skilled manpower to convert, if at all, such resources to compete with these foreign firms. The technological and scientific capabilities were poor, industrialization was limited and lopsided. Agricultural sector exhibited features of feudal and semi-feudal institutions, resulting into depression productivity.

In brief, poverty was rampant and unemployment was widespread, both making for starting time general standard of living. These were the socio-economic settings in which the founding fathers had to chart extinct a programme of nation-building. The Indian Government, although did not have the weapons to wage war against such fierce competition against the foreign firms but the Government did not fail to rule out the thinkable defences to resist the competition posed by the foreign firms to cheer its own domestic market. The Monopolies and Restrictive Trade Practices Act of 1969 off-key out to be the most sought after defense mechanism Mechanism. The history of the Indian competitive legislation goes keystone to the... If you want to get a full essay, order it on our website: Orderessay

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