Economics • Indian EconomyEasy
What is the primary mandate of the 'Competition Commission of India (CCI)', established under the Competition Act, 2002?
A. To regulate foreign direct investment caps across core manufacturing sectors
B. To eliminate practices having an adverse effect on market competition and promote fair trade✓ Correct Answer
C. To fix agricultural procurement prices and manage buffer stocks of foodgrains
D. To monitor fiscal deficit targets mandated under the FRBM Act
💡 Solution & Explanation
The Competition Commission of India was established under the Competition Act, 2002 to prevent practices having an adverse effect on competition, promote fair trade, and protect consumer interests in Indian markets. Fixing agricultural prices is handled by the Commission for Agricultural Costs and Prices, whereas fiscal targets are governed by the FRBM Act. Antitrust enforcement is a vital component of modern regulatory economics.
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