The Competition (Amendment) Bill, 2022: Legislative Comment

Abstract

This article focuses on the competition amendment bill, 2022. India has seen a considerable growth in its business environment in last 3 decades. Moreover, In India, we have seen a substantial increase in the trend of doing business or which we call ‘startup culture’ in line with the mission of Atmanirbhar Bharat. With significant and rapid increase in business, there is a need to re-look into the competitive regime of our country. This article tries to analyze the essence of the proposed Competition (Amendment) Bill, 2022 with respect to fast moving globalized world. The article highlights the positive as well as negative aspects of the competition amendment bill, 2022. The Competition Act, 2002 came into force with the primary objective of protection of rights and duties of the buyers, consumers, and the other market players in the market. The paper thoroughly discusses what are the new rules and laws that are needed to be made according to the present market scenario and what are the omissions that are not been included in the same.

 The new amendment bill proposes a stable framework for the better governance of competitions in the business environment in India, where as it has lacuna in certain aspects which are certainly important to be discussed too. This article not only discusses the contents and proposed frameworks rather it discusses the need of the amendment bill in the present business environment. Using a fast-moving globalized world as an example, this article analyses the essence of the proposed Competition (Amendment) Bill, 2022. It highlights both its positive as well as negative aspects.