The Competition Act of 2002 (the “Act”) was enacted as a policy measure to promote efficiency in the market. The Raghavan Committee Report, which served as the roadmap for the Act, envisaged it as an instrument to achieve efficient allocation of resources, technical progress and regulation of concentration of economic power. Finally, the report prescribed ‘consumer welfare’ as the ultimate motive of effective competition. Therefore, the stated aim of the law was to ensure market efficiency in order to ensure consumer welfare. However, the Competition Commission of India (“CCI”) in its operations has assumed an altogether different prescription of consumer welfare.
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