One of the significant demands for development in an economic climate is the simplicity and also flexibility of trade. Companies should be able to enter the market conveniently and even compete with no hinderances. So it is required there are no unfair methods but equitable competition in the market. The Competition Commission of India (CCI) safeguards the very same.
The CCI is a statutory body company that was developed by the central government on 14th October 2003. So it is an artificial individual that has perpetual succession. The Central government will designate all its 6 participants and also the Chairperson forming the Board.
Now the primary aim of the CCI is to implement the modern competition laws and also the philosophy of the Competition Act, 2002. It makes sure that there are no unreasonable methods in the market that have an adverse influence on healthy and balanced competition. This is because healthy and fair competition is good for the customers of a market. Monopolistic competition or other unfair techniques have an unfavorable result on economic growth.
The preamble of the Competiton Act concentrates on the advancement of the economy and the country by avoiding unreasonable competition practices and promoting positive competition. Any economy grows when there are free trade and fair competition in the marketplace. Unfair competition methods like syndicates, cartels, etc. obstruct the development of smaller companies and also organizations which are necessary to the development of an economy. The CCI protects such companies from unjust competitors and even its damaging results. It also makes sure that the companies which adhere to unethical practices are penalized and prevented from such practices in the future.
By promoting competition, it additionally benefits the consumers. The CCI will guarantee there is no dominance of a couple of firms on the market. And both the small as well as big firms can co-exist in harmony in the economic situation. One crucial duty of the CCI is to accomplish advocacy for competition as well as competition legislations. It aims to enlighten ministries, state federal governments, regulatory authorities, and also various other authorities about the modern-day principles of competition. And it does so by carrying out workshops, seminars, publishing papers, etc