DECODING COMPETITION: A COMPREHENSIVE ANALYSIS OF THE EVOLUTIONARY LANDSCAPE THROUGH THE LENS OF THE COMPETITION AMENDMENT ACT, 2023
AUTHOR – ANSHIKA GUPTA, STUDENT AT RAJIV GANDHI NATIONAL UNIVERSITY OF LAW, PUNJAB
BEST CITATION – ANSHIKA GUPTA, DECODING COMPETITION: A COMPREHENSIVE ANALYSIS OF THE EVOLUTIONARY LANDSCAPE THROUGH THE LENS OF THE COMPETITION AMENDMENT ACT, 2023, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (2) OF 2024, PG. 19-22, APIS – 3920 – 0001 & ISSN – 2583-2344
Abstract:
This research explores the complex dynamics of market competition and looks at how the Competition Amendment Act, 2023 has changed the evolutionary environment. The Act, a crucial piece of legislative reform, attempts to meet the intricacies of modern market conditions that are marked by globalization and quick technology improvements. This article investigates the effects of the modifications on encouraging fair competition, discouraging anti-competitive behaviour, and advancing consumer welfare through a thorough analysis. Important clauses including strengthening merger control laws, establishing a settlement process, and giving the Competition Commission of India (CCI) more authority is carefully considered. The study evaluates how these modifications rebalance the power between major players in the market and smaller companies in an effort to foster a fairer and more equal competitive environment. Additionally, the study looks into how the Act would affect digital marketplaces, specifically with regard to data protection and the dominance of tech companies. The study clarifies the practical consequences of the legal amendments by looking at case studies and actual data, showing both achievements and difficulties. The analysis emphasizes how important it is to have strong enforcement mechanisms and ongoing regulatory adaption in order to maintain competitive marketplaces. In summary, the Competition Amendment Act, 2023, is a significant change to India’s foundation for competition law and reflects a proactive response to changing market conditions.