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The Competition Amendment Bill (2023) aims to prevent anti-competitive trade practices and hold violators accountable, thereby creating a system that fosters competition and fair-trade practises. Evaluate.

Topic: Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.

5. The Competition Amendment Bill (2023) aims to prevent anti-competitive trade practices and hold violators accountable, thereby creating a system that fosters competition and fair-trade practises. Evaluate. (250 words)

Difficulty level: Tough

Reference: Live Mint

Why the question:

Based on recommendations made by a parliamentary panel in December 2022, the government has tweaked its proposed amendments to India’s competition law and is set to introduce the Competition Amendment Bill (2023 Bill) in Parliament.

Key Demand of the question:  

To write about the potential and limitations of the Competition (Amendment) Bill, 2023 in ensuring the fair and competitive trade.

Directive word:

Evaluate – When you are asked to evaluate, you have to pass a sound judgement about the truth of the given statement in the question or the topic based on evidence.  You must appraise the worth of the statement in question. There is scope for forming an opinion here.

Structure of the answer:

Introduction:

Begin by mentioning the objectives behind Competition (Amendment) Bill, 2023.

Body:

First, write in detail the major features of the Competition (Amendment) Bill, 2023.

Next, write about the positive aspects of the bill in broadening the scope of ‘anti-competitive agreements’ and ensuring fair and competitive trade practise. Write about the provisions for impositions of penalties.

Next, write about the limitations of the bill.

Conclusion:

Conclude with way forward.