Towards a Level Playing Field: Evaluating the 2023 Amendment to the Indian Competition Act
The Indian competition law carries the crucial responsibility of promoting fair trade, eliminating anti-competitive practices, protecting consumer interests, and ensuring unrestricted commerce within domestic markets. In response to the prevailing economic challenges, the Competition (Amendment) Act of 2023 has been introduced to reshape the Indian competition law landscape. This article delves into the significant changes brought forth by this amendment, particularly focusing on the enhanced authority granted to the Competition Commission of India (CCI) to impose penalties based on the criterion of 'global turnover.' Under this criterion, penalties are determined by considering the total revenue generated from all products and law job services provided by individuals or business entities. The article embarks on a comprehensive exploration of the established legal principles surrounding antitrust penalties a...