Basic key words in competition law in India

These concepts form the foundation of India's competition law, which aims to ensure a fair and competitive market environment, benefiting consumers and promoting economic growth.

1. Competition (प्रतिस्पर्धा)
   Refers to the rivalry between firms to offer goods or services at the best prices, quality, and innovation. Healthy competition promotes consumer welfare and drives market efficiency.

2. Anti-competitive Practices (प्रतिस्पर्धा-विरोधी प्रथाएँ)
   Practices that harm competition in the market, such as collusion, price-fixing, abuse of market dominance, and exclusive agreements that restrict free trade or innovation.

3. Cartel (कार्टेल)
   A group of independent companies that collaborate to fix prices, limit production, or divide markets among themselves, reducing or eliminating competition, which is illegal under Indian competition law.

4. Monopoly (एकाधिकार)
   When a single company or entity dominates a particular market, controlling a large share, often leading to market inefficiencies and consumer exploitation. Monopoly power is regulated to ensure fair competition.

5. Market Share (बाजार हिस्सा)
   The percentage of total sales in a market held by a particular company. A significant market share could indicate dominance, which may be subject to scrutiny for abuse of dominance.

6. Abuse of Dominance (प्रभुत्व का दुरुपयोग)
   Occurs when a dominant company in a market uses its market power unfairly to restrict competition, such as through predatory pricing, refusal to supply, or creating barriers for new entrants.

7. Merger and Acquisition (विलय और अधिग्रहण)
   The consolidation of companies through mergers (two companies combining) or acquisitions (one company buying another). Competition law ensures that such actions do not significantly reduce competition in the market.

8. Regulator (नियामक)
   The body responsible for overseeing and enforcing competition law. In India, the Competition Commission of India (CCI) is the main regulator, ensuring fair practices and the prevention of anti-competitive behaviors.

9. Competition Commission of India (CCI) (भारतीय प्रतिस्पर्धा आयोग)
   The statutory body tasked with promoting and sustaining competition in the Indian markets. It investigates anti-competitive practices, approves mergers and acquisitions, and ensures consumer protection.

10. Anti-competitive Agreements (प्रतिस्पर्धा-विरोधी समझौते)
    Agreements between companies that restrict competition, such as price-fixing, market-sharing, or collusive bidding. These agreements are considered illegal under Indian competition law.

11. Price Fixing (मूल्य निर्धारण)
    An anti-competitive practice where businesses agree to set prices at a certain level rather than allowing market forces to determine them. This reduces competition and harms consumers by keeping prices artificially high.

12. Market Dominance (बाजार में प्रभुत्व)
    A situation where a firm has significant control over a particular market, often resulting in the ability to set prices or exclude competitors. Dominance is not illegal but its abuse is prohibited.

13. Consumer Welfare (उपभोक्ता कल्याण)
    The primary goal of competition law is to protect consumers by ensuring they have access to goods and services at competitive prices, with quality and choice. A competitive market benefits consumers in these aspects.

14. Vertical Restraint (ऊर्ध्वाधर प्रतिबंध)
    Restrictions imposed by businesses at different levels of the supply chain (e.g., manufacturer and retailer), such as limiting resellers' prices or territories. These can be anti-competitive if they harm market competition.

15. Horizontal Restraint (क्षैतिज प्रतिबंध)
    Restraints or agreements between businesses at the same level of the market, such as between competitors, which may limit competition, for example, in the form of price-fixing or dividing markets.

16. Predatory Pricing (शिकार मूल्य निर्धारण)
    A pricing strategy where a dominant firm sets prices very low to drive competitors out of the market, and then raises prices once the competition has been eliminated. This is considered anti-competitive and harmful to consumers in the long term.

17. Substantial Lessening of Competition (प्रतिस्पर्धा का महत्वपूर्ण कमी)
    A situation where a business practice, merger, or acquisition significantly reduces competition in a market, which could harm consumers, innovation, and the overall market structure.

18. Anti-competitive Conduct (प्रतिस्पर्धा-विरोधी आचरण)
    Any behavior or practice by a firm that restricts or eliminates competition in the market. This can include price-fixing, collusion, and abuse of dominance, and is prohibited under the Competition Act, 2002.

19. Fair Competition (समान प्रतिस्पर्धा)
    A market condition where businesses compete on an equal footing, based on factors like price, quality, and service, rather than unfair practices like manipulation or monopolization, benefiting both consumers and businesses.

20. Market Power (बाजार शक्ति)
    The ability of a firm or group of firms to influence or control prices and supply in the market, often due to a dominant position. While market power is not illegal, its abuse to harm competition is prohibited under competition law.

21. Competition: The process through which businesses strive to offer the best products or services at the most competitive prices, encouraging innovation and efficiency in the market.
22. Anticompetitive Practices: Activities that hinder competition in a market, including price-fixing, monopolistic practices, or abuse of dominance.
23. Monopoly: A situation where a single firm controls a significant portion of the market, leading to reduced competition.
24. Market Dominance: When a firm holds a dominant position in a relevant market, giving it the ability to influence prices, production, or services to its advantage.
25. Cartel: An agreement between competing firms to control prices, limit production, or divide markets to reduce competition.
26. Merger and Acquisition (M&A): The consolidation of companies or assets through financial transactions. The Competition Commission of India (CCI) evaluates whether these activities significantly reduce or prevent competition.
27. Anti-competitive Agreement: An agreement between firms that restricts competition, such as price-fixing, bid-rigging, or market-sharing.
28. Abuse of Dominance: When a dominant firm uses its market power to unfairly reduce competition, often by exploiting consumers or excluding competitors.
29. Consumer Welfare: The focus of competition law, aimed at protecting consumers from unfair trade practices, ensuring lower prices, better quality, and innovation.
30. Relevant Market: A market defined by both product and geographic dimensions, used to assess the competitive effects of practices or mergers.
31. Competition Commission of India (CCI): The regulatory body responsible for enforcing competition law in India, overseeing anti-competitive practices and approving mergers and acquisitions.
32. Regulation of Unfair Trade Practices: Actions that mislead consumers, such as deceptive advertising, false claims, and fraudulent conduct.
33. Cartelization: The act of firms coming together to form a cartel, often to fix prices, share markets, or rig bids.
34. Price Discrimination: When a company charges different prices for the same product or service in different markets, potentially to harm competition.
35. Exclusionary Practices: Activities that aim to exclude or restrict competitors from the market, thereby reducing competition.