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Evolution of Governing Framework: Pre-Independence Laws and Private Capital Regulation in India

This exploration delves into the evolution of governing frameworks influencing private capital in India, beginning with pre-independence laws and advancing to post-1991 reforms. It assesses critical legislation, including the Constitution (1950), IDR Act (1951), IPR (1956), and MRTP Act (1969), highlighting their impact on economic regulation and private ownership. The discussion also covers the emergence of policies fostering a level playing field through mechanisms like the single window approach, economic regulation comparisons between MRTP and Competition Acts, and market dominance issues, including abuse of market power and cartel activities.

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Evolution of Governing Framework: Pre-Independence Laws and Private Capital Regulation in India

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  1. Evolution of Governing Framework Pre-Independence Laws: PRIVATE CAPITAL Constitution (1950); IDR Act (1951); IPR (1956); MRTP Act, 1969; State Ownership Reserved Lists & Licensing Post 1991 PRIVATE CAPITAL & PPP • Level playing field • Single window approach: FIPB, NHAI Act, TRAI Act, Electricity Act, SEZ Act, etc • Economic Regulation • Private Ownership • Reasonable return on investt. • Economic regulation 1

  2. MRTP Act vs Competition Act 2

  3. Dominant position Ability to operate independent of competitive forces prevailing in the relevant market Affect its competitor/consumers/relevant market Abuse of dominant position Imposing unfair or discriminatory conditions Predatory pricing, limit production, deny market access Contracts contingent on supplementary obligation Use dominance in one market to move into or protect other relevant market (product & geography) Abuse of Dominance RULE OF REASON … TARGET ABUSE, NOT DOMINANCE 3

  4. Market share of the enterprise Size or Resources of enterprise Size & importance of competitors Economic power of enterprise Vertical integration of enterprises or their network Dependence of consumers Market structure & size of market Entry barriers Monopoly/Dominance due to statute/govt. sanction Social obligation/costs Relative competitive advantage: development vs adverse effect on competition Dominance FACTORS IN THE RELEVANT MARKET 4

  5. Cartel Association of producers, sellers, distributors, traders or service providers who By inter-se agreement limit, control or attempt to limit/control the production, sale or price of or trade in goods /services Cartels 5

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