The correct answer is: C. State monopolies, government’s business policies and functioning of regulatory authorities cannot be scrutinised under this law.
Competition law is a set of laws that promote competition in the marketplace. It aims to prevent anti-competitive practices, such as collusion and abuse of dominance, which can harm consumers by reducing choice and raising prices.
The Competition Act, 2002 is the primary competition law in India. It prohibits anti-competitive agreements, abuse of dominant position, and unfair trade practices. The Competition Commission of India (CCI) is the statutory body responsible for enforcing the Competition Act.
The CCI can investigate complaints of anti-competitive practices and can order companies to take corrective measures. It can also impose penalties on companies that violate the Competition Act.
State monopolies, government’s business policies and functioning of regulatory authorities are not covered by the Competition Act. This is because the government is considered to be a public authority and is not subject to the same rules as private companies.
However, the Competition Act does apply to government-owned companies that compete with private companies. For example, the CCI has investigated complaints against state-owned oil companies for abusing their dominant position.
The Competition Act is an important tool for promoting competition in the Indian economy. It has helped to reduce prices and increase choice for consumers. However, there are some areas where the law could be strengthened, such as in the area of state monopolies.