Competition policy and law vis-à-vis consumer welfare
India adopted a new LPG model of economic reform by having New Economic Policy (NEP) in 1991 to open up its economy and which in turn lead to “Competition” in almost each and every sector of Indian economy like business, manufacturing, financial etc. The increasing competition and technological development also leads to more demanding customers in the market. Unfortunately, it has been observed, that in an open market economy, some enterprises may undermine the market by resorting to anti-competitive practices such as cartels and abuse of dominance for short-term gains resulting in adverse impact on the economic efficiency. The unregulated markets have the tendency to assume monopolistic or near monopolistic character thereby affecting consumer and social welfare.Thus,these practices can completely nullify the benefits of competition and thereby embark the need for competition law and policy which seeks to check impediments to proper functioning of markets, and an authority to enforce it.