Role Of Competition Law In An Economy: A Transnational Overview

Sharanya Kulshrestha, Manipal University Jaipur

“And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department.”

- Andrew Carnegie

ABSTRACT

Growth is the most crucial component for all nations in the modern economy. In terms of an economy, every nation wishes to expand and rise up in the global market. Several elements influence the country’s economic growth. Productivity and innovation are two elements that are directly related to competitiveness. The only thing that drives markets to efficient equilibriums is competition. Competition benefits not just the well-being of individuals, but also the whole economy of a country. Competition boosts corporate efficiency and worldwide competitiveness while also promoting dynamic markets and economic progress.

Many economic activities that were formerly considered natural monopolies or the domain of the state are now subject to competition law: energy, telecommunications, broadcasting, transportation, media, postal services, etc. As a result, competition law affects every area of the economy. This paper set forth the core objective of competition law which is to restrict corporations from engaging in the activities that alter the competitive process and harm competition. The paper shall also shed light on the background of competition law as well as its importance in emerging economies. The important provisions of the act and the role of the Competition Commission of India shall also be discussed. The report took a socio-legal research strategy and is premised on the investigation and analysis of data accessible in libraries and on the internet.