Preamble

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....mpetition Act, 2002 (the Act) with the objectives to prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers and to ensure freedom of trade carried on by other participants in markets, in India, and for matters connected therewith or incidental thereto. It is mandated, inter alia, to (a) give opinion on a referenc....

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....at which these are to be exchanged. The invisible hands may occasionally malfunction in the presence of information asymmetry, externalities or market power. State usually intervenes to address these concerns to prevent market failure. The State intervenes in the market and the economy by (a) enacting legislations and subordinate legislations that define the contour of the freedom of economic agen....

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....free entry and exit of players; (c) there is perfect symmetry of information; and (d) every player is a price taker. It is necessary to ensure that no state intervention unnecessarily humbles any of these four features significantly. Many jurisdictions have programmes to evaluate the existing/upcoming economic legislations from the perspective of competition. This aims to identify the elements ....