ABSTRACT:
The aim of this paper is to examine and delve into the importance of regulating anti- competitive behaviour; cartels and its effect on the economy. This paper’s primary focus is to provide research on the correlation between competition law and its proven benefit towards an economy. Cartels are degrading competition which therein, as will be seen in the paper- plunge the economy and its well-being. This will, by relation cause them to spend less on the goods in the markets and save more. This paper will analyse few legal precedents and the decision of the courts to understand this topic in a deeper manner.
The discourse of the research are three-fold wherein Part I will be dealing with the nature of Competition Law and its benefits which help in fostering and ameliorating our economy by producing better goods and services at a cheaper rate and understanding the history of the legislations enacted on Competition by India. Subsequently, the crux of this paper will be attended to under Part II ; Cartels. Here, the focus will be on the meaning and arguments on how it is detrimental to the economy. An in depth analysis of cases relating to cartels will be dealt, highlighting the importance to Section 3 of the Competition Act. Lastly, Part III would essentially include various policies used by different countries and strengthening the current leniency programmes that would help regulate cartels better.
Keywords: Cartels, Competition Law, Markets, Section 3, Leniency.