Cartel in Indian Market –An Overview

Abstract

“Competition is not only the basis of protection to the consumer, but is the incentive to progress.” When a layman thinks of competition, he or she probably has one of two images in mind. The first is a sporting event, in which two evenly matched opponents, play a spirited, but closely contested, match like the recent Champions League Match between Real Madrid and Manchester United. The second is a market that resembles a scrum in a rugby match with numerous firms scrambling for every scrap of business — the more numerous, the more competitive. Competition is a vital element in the lives of consumers. For the consumers, competition in the economy is a crucial factor in determining benefits, appropriate prices and the variety of choice to choose from. The aims of competition or antitrust laws are to ensure that consumers pay the most efficient price coupled with the highest quality of goods and services they consume. When there are activities which hamper the competition, the consumers are the very first party which gets affected and then comes the economy of a nation.