The Reciprocity Between Consumer Protection And Competition Law: Comparative Analysis Of Indian Law With US & UK
Abhishek Mishra, Galgotias University, Greater Noida, Uttar Pradesh
ABSTRACT
Consumer interest protection is a primary objective of consumer protection legislation as well as a key component of all contemporary competition laws. Although they complement each other in many ways, competition and consumer protection laws address distinct problems and use different approaches to get the job done. While competition law indirectly safeguards consumers' financial security by ensuring that markets are subject to effective competition, consumer protection rules are founded on the idea that consumers are the weaker party in transactions and should be directly protected as a result of their interactions with traders. This research also highlights the changes required in the Indian legal system by analyzing the differences in the law of the major trading blocs: the US and the UK. The research will also portray the similarities between both the laws i.e., Consumer Protection and Competition Law, and that these laws go hand in hand when it comes to achieving consumer welfare. To underline the topic, it might be said that consumer harm in the context of consumer protection may be distinct from consumer harm in the context of competition law. Harm is very simple to identify from the perspective of consumer protection. When a consumer transaction fails in its conception, content, or resolution, it undermines the consumer's ability to maximize his or her welfare. To provide individual consumers with remedies, consumer law focuses on flaws in specific consumer transactions. In doing so, it fills in the gaps left by market forces.
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