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Question
As a consequence of economic reforms, the MRTP Act 1969 was replaced by competition Act in the year __________ .
As a consequence of economic reforms, the MRTP Act 1969 was replaced by competition Act in the year __________ .
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Solution
The correct option is B 2002
Monopolies and Restrictive Trade Practices act, 1969 was enacted to prevent the concentration of economic power to common detriment, control of monopolies, and prohibition of monopolistic and restrictive trade practices and matters connected therewith. But after the New economic reforms, liberalization, privatization, and globalization it was necessary that there must be competition in the market for the survival of the fittest. Therefore, the MRTP Act 1969 was replaced by Competition Act in year 2002.
Monopolies and Restrictive Trade Practices act, 1969 was enacted to prevent the concentration of economic power to common detriment, control of monopolies, and prohibition of monopolistic and restrictive trade practices and matters connected therewith. But after the New economic reforms, liberalization, privatization, and globalization it was necessary that there must be competition in the market for the survival of the fittest. Therefore, the MRTP Act 1969 was replaced by Competition Act in year 2002.
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