COMPETITION COMMISSION OF INDIA (CCI)
Why in news?
The Competition Commission of India (CCI) celebrated its 10th Annual Day which marks the notification of the substantive enforcement provisions of the Competition Act, 2002.
Competition Commission of India (CCI):
- Competition Commission of India is a statutory body of the Government of India responsible for enforcing The Competition Act, 2002 throughout India.
- They prevent activities that have an appreciable adverse effect on competition in India.
- The idea of Competition Commission was conceived and introduced in the form of The Competition Act, 2002.
- A need was felt to promote competition and private enterprise especially in the light of 1991 Indian economic liberalisation.
- Make the markets work for the benefit and welfare of consumers.
- Ensure fair and healthy competition in economic activities in the country for faster and inclusive growth and development of the economy.
- Implement competition policies with an aim to effectuate the most efficient utilization of economic resources.
- Develop and nurture effective relations and interactions with sectoral regulators to ensure smooth alignment of sectoral regulatory laws in tandem with the competition law.
- Effectively carry out competition advocacy and spread the information on benefits of competition among all stakeholders to establish and nurture competition culture in Indian economy.