Competition is beneficial for the economy, businesses, and consumers alike. The practice of competition law is different for different countries, but many countries have applied competition law in their own countries. A committee known as the Competition Commission of India was established under the Competition Act 2002.
Although competition law is complex and difficult compared to the rest, it is today one of the most renowned and well-known laws in the world. Students must be perfectly trained to get a job in this field. For the proper training and knowledge of competition law, many online platforms are providing online law certification courses, which law students should surely enroll in so that they can get better knowledge. As we know, it won't be easy as it is complex and difficult compared to others, but the results and profit are huge once you get a job in this field.
History of Competition Law- The Monopolies and Restrictive Trade Practices Act (MRTP Act) was the first law to prohibit the abuse of market power in India. This act was responsible for our economic system and forbade the monopolistic and restrictive business practices that were going on in India. For the promotion of competition, this act was the first to appear on the market. The Higher Committee recommended replacing this MRTP law with the competition law for the development of modern competition law. This new law also eliminates ongoing anti-competitive practices in the market area.
Objectives of Competition Law- The Competition Act 2002 helps in the following ways:
- Prevent all negative effects from occurring during the competition.
- Create and enforce competition law in Indian markets;
- Try to protect the interests of the consumer;
- It also guarantees the freedom of trade exercised by the rest of the market participants.
- It also creates awareness among people and solves the problems encountered in the formation of competition law;
- This law also guarantees unbiased and fair competition.
The Competition Commission of India and its Evolution - This commission was created in India in October 2003 but came into force in 2007. This commission is composed of the president and six members. Everyone's task is to regulate the market and prevent anti-competitive practices in the country. The concept of the Competition Commission was introduced by the Competition Act 2002. CCI has participated in administrative and quasi-judicial tasks to eliminate the harmful effects of competition, promote competition law and also protect the needs of consumers in the market.
Competition law promotes competition everywhere and is not limited to a particular jurisdiction. Competition laws are generally passed in developing countries. Mexico and Argentina passed competition laws in 1923 and 1917 because they were among the developing countries. Then, in the 1960s, Brazil also adopted Colombia's competition law. India passed the first competition act in 1969, known as the MRTP Act, but it has now been replaced by the Competition Act of 2002.
Benefits of choosing Competition Law as a career
Growing demand for the law: Competition law continues to grow over the years, and this growth creates more and better opportunities for competition lawyers. There is a need for more legal advice on competition issues, and this will make you more competent in helping your clients.
Knowledge about the business of clients: Competition law creates efficiency and creates great growth opportunities. Before advising your client, you need to know every aspect of the business you run. This makes you a trusted advisor because you know most of your clients' trading strategies and methods.
Government policy matters are the main concern, and you should keep yourself informed on these matters regarding your client's business matters. Antitrust authorities have been heavily influenced to try to achieve this goal.
Competition Law as a specification - Many lawyers or students have studied economics and are interested in competition law. A competition law attorney can charge a staggering amount for a single job. Earning money is one of the best choices you can make. A competition lawyer can charge between 15,000 and 50,000 rupees for a single job. Since the work refuted under competition law is very complex, clients prefer to indicate the amount of work that is irrelevant. These lawyers are highly qualified and specialized in their field. These attorneys are highly regarded and needed in a competitive society.
Conclusion: As we know, the concept of competition law in India is quite new compared to the US and the EU, where antitrust has been around for a long time and there is a huge demand for competition law in those places. Our competition must grow more and more over time and is developing day by day. Many industries and associations related to business practices have already adopted competition law measures concerning the competition law, which protect associations from adverse effects.
In our country, there is less room for the LLM specialization in competition law, and therefore many have to leave the territory for further studies. Therefore, the creation of colleges with specialized LLMs is required for students interested in competition law. This restriction on competition law in our country must be lifted for the betterment of our society. Taking this into consideration, many online education platforms are providing the best online law certification courses on Competition Law as this is a new concept and law students should be aware of this. These online legal courses help law students get an education in competition law from legal experts.