Fair Competition: The Engine of Economic Development

Abstract

The Competition Laws are seen as social as well as economic legislation. On the one hand it lays rule for cometition among market players and on the other hand it provides security to weaker organisation and consumers against the unfair trade practices. This paper highlights the need for the competition laws and its impact upon the economic development. The evolution and structure of competion laws as prevailed in India have also been discussed in this article. The article ends with the conclusion that Fair Competition stimulates increased efficiency in innovation, production and resource use, which in turn, leads to enterprise development and increased aggregate welfare with overall economic development.

Keywords: Fair Competition, Competition Laws, Economic Development

JEL Classification: K21