Abstract

This research paper examines the evolution of competition law, tracing its origins from the Statute of Monopolies (1623) to modern antitrust frameworks like the Sherman Act (1890) in the U.S., which targeted monopolistic trusts to safeguard consumer interests and market competition. The U.S. antitrust regime, comprising the Sherman Act, Federal Trade Commission Act (1914), and Clayton Act (1914), established foundational principles against anticompetitive practices, mergers, and unfair trade. In India, competition regulation evolved from the Monopolies and Restrictive Trade Practices Act (MRTP Act, 1969), rooted in constitutional directives to prevent economic concentration. However, the MRTP Act faced criticism for its restrictive "command-and-control" approach, inadequate enforcement, and lack of clarity on issues like cartels. Post-1991 economic reforms and globalization necessitated a shift toward market-oriented policies, culminating in the Competition Act (2002). This Act, enforced by the Competition Commission of India (CCI), prohibited anti-competitive agreements, abuse of dominance, and regulated mergers (combinations). The 2023 amendments introduced deal value thresholds, streamlined merger reviews, and addressed creeping acquisitions, aligning India’s regime with global standards. The study highlights the transition from MRTP’s structural focus to the Competition Act’s effects-based approach, emphasizing the role of regulatory bodies in balancing market efficiency, consumer welfare, and economic growth.

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