Competition laws in India are governed by the Competition Act, 2002, which was enacted by the Indian Parliament to promote competition and protect the interests of consumers in India. The Competition Act, 2002, replaced the earlier Monopolies and Restrictive Trade Practices Act, 1969, and established the Competition Commission of India (CCI) as the regulatory body to enforce the provisions of the Act.

The key objectives of the Competition Act, 2002, are as follows:

1. To prevent practices that are likely to have an adverse effect on competition.
2. To promote and sustain competition in markets.
3. To protect the interests of consumers.
4. To ensure the freedom of trade carried on by other participants in markets.

The Competition Act, 2002, prohibits certain practices that have an adverse effect on competition, such as anti-competitive agreements, abuse of dominant position, and combinations (mergers and acquisitions) that result in the substantial lessening of competition in the relevant market.

The CCI has the power to investigate and penalize companies that violate the provisions of the Competition Act, 2002. The penalties for violating competition laws in India can be significant, including fines of up to three times the profit made by the company in a particular financial year, or 10% of the company’s turnover in the relevant market, whichever is higher.

In addition to the Competition Act, 2002, India has also enacted other laws that regulate competition in specific sectors, such as the Telecom Regulatory Authority of India Act, 1997, and the Securities and Exchange Board of India Act, 1992.

Overall, competition laws in India aim to create a level playing field for businesses and promote fair competition, which benefits both consumers and businesses in the long run.