The all-new competition law is replacing the redundant MRTP Act. The new law seems to be in line with the trend globally. It also calls for setting up of Competition Commission of India. (CCI) for timely enforcement.Big is not always good. This was proved when the European commission on competition blocked the merger of GE and Honeywell, which would be one of the largest Industrial mergers in the history. This merger was earlier cleared by the US agency - Department of Justice. This clearly shows each country has its own rules on competition. What one perceives as a threat may not be taken the same way by the other. India, which is opened to global competition, now has its own Competition law.

This law replaces the age-old Monopolies and Restrictive Trade Practices Act (MRTP). The act saw 8 amendments but it was in no way in tune with the liberalization phase. Finally this act of 1969 was scrapped during the first phase of liberalization in 1991. With no law in place the companies were abusing dominance. With globalization came the evils of cartels, collusions and bid rigging. What is this law and how different is it from the MRTP.

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