The Competition Act 2002 aims at 1 Prohibition of anti competitive practic...........

Economic Affairs Industrial Policy and Industrial Growth

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The Competition Act, 2002 aims at

1. Prohibition of anti-competitive practices

2. Stopping abuse of dominance by firms

3. Encouraging exports

Which of the statements given above are correct?

1 and 3

2 and 3

1 and 2

1, 2, and 3

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Explanation:

The Competition Act, 2002 was amended by the Competition (Amendment) Act, 2007 and again by the Competition (Amendment) Act, 2009.

The Act establishes a Commission which is duty bound to protect the interests of the free and fair competition (including the process of competition), and as a consequence, protect the interests of consumers. Broadly, the Commission's duty is:-

To prohibit the agreements or practices that have or are likely to have an appreciable adverse effect on competition in a market in India, (horizontal and vertical agreements/conduct);
To prohibit the abuse of dominance in a market;
To prohibit acquisitions, mergers, amalgamations etc. between enterprises which have or are likely to have an appreciable adverse effect on competition in the market(s) in India.