Recalibrating India’s competition law: a new era of regulation and enforcement

Abstract India’s economic liberalization in the early 1990s marked a decisive shift from a controlled regime to a market-driven economy. It was driven by the belief that competitive markets would enhance efficiency, foster entrepreneurship, and expand consumer choice. However, the faith in market forces was tempered by the realization that markets can fail, due to monopolistic practices, information asymmetries, and exploitation. To address these gaps, the Competition Act, 2002 (‘the Act’) was enacted as the foundation of India’s modern competition regime. It aimed to safeguard competition, curb anti-competitive agreements, prevent abuse of dominance, and regulate mergers that threaten market fairness or innovation. The law remains central to ensuring that Indian markets reward merit, promote innovation, and protect consumer welfare.