Question

- It is indeed a paradox that MRTP Act, 1969 which was designed to prevent monopoly has in
effect restricted competition. Discuss the changing dimension of the MRTP and its impact on business

Answer 1

Answer:

The Government adopted the Monopolies and Restrictive Trade Practices (MRTP) Act in 1969 and accordingly the MRTP Commission was set up in 1970. The Commission was set up to investigate the effects of such practices, case by case, on the public interest and to recommend suitable corrective measures.

The MRTP Act has made distention between monopolistic and restrictive trade practices. Accordingly, the monopolistic trade practices was described as “dominant firm practices”, i.e., a firm or a oligopolistic group of three firms, after attaining a dominant position has been “able to control the market by regulating prices or output or eliminating competition.”

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