MRTP is a landmark Indian economic legislation that played a critical role in regulating large businesses and protecting consumers from unfair trade practices.
The MRTP Act was based on the recommendations of the Hazari Committee and Dutt Committee which studied industrial concentration in India.
MRTP = Monopolies and Restrictive Trade Practices Act, 1969
This was a major Indian law enacted in 1969 to prevent monopolies, concentration of economic power, and unfair/restrictive trade practices by large corporations.
After the 1991 liberalisation reforms, India opened its economy to global competition. The old MRTP Act was seen as too rigid for a liberalised market. It was repealed and replaced by the more modern Competition Act, 2002, which established the Competition Commission of India (CCI).
CCI is the regulatory body established under the Competition Act, 2002 to prevent anti-competitive practices, regulate mergers, and protect consumer interests in India.
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