Number of anti Competitive Agreements as per the Competition Act Are

The Competition Act is a legal framework designed to promote fair competition in the market, prevent anti-competitive behavior, and protect consumers` interests. The act prohibits various forms of anti-competitive agreements, such as price-fixing, bid rigging, market division, and group boycotts, among others. The competition act is essential as it prevents businesses from engaging in practices that could negatively impact consumers, competitors, and the economy at large.

According to the Competition Commission of India (CCI), the number of anti-competitive agreements detected and penalized has risen in recent years. The CCI is the regulatory body responsible for enforcing the Competition Act. Since the CCI`s inception in 2009, it has dealt with a total of 922 cases related to anti-competitive agreements, as of March 31, 2021. Out of these, 558 cases relate to agreements under Section 3 of the Competition Act, which deals with agreements that cause or likely to cause an appreciable adverse effect on competition in India.

Some of the significant anti-competitive agreements that the CCI has dealt with include cartelization by the cement industry, the automobile industry, the real estate sector, and the pharmaceutical industry. These industries account for a significant percentage of India`s GDP and are therefore closely monitored by the CCI.

The CCI has the power to impose significant penalties on businesses found guilty of violating the Competition Act. These penalties can be as high as 10% of the company`s turnover. Additionally, the CCI can also order the dissolution of anti-competitive agreements and take other necessary actions to restore fair competition in the market.

In conclusion, the Competition Act is a crucial legal framework that helps promote fair competition in the market and protects consumers` rights. The increasing number of anti-competitive agreements detected and penalized by the CCI is proof that the act is being effectively enforced. Businesses must adhere to the Competition Act`s provisions to ensure that they do not engage in any anti-competitive behavior that could impact consumers, competitors, and the economy adversely.