Question : The main objective of the Monopolies and Restrictive Trade Practices (MRTP) Act was to:
Option 1: Promote competition in the market
Option 2: Encourage monopolistic practices
Option 3: Regulate foreign trade
Option 4: Control labor unions
Correct Answer: Promote competition in the market
Solution : The correct answer is (a) Promote competition in the market.
The main objective of the Monopolies and Restrictive Trade Practices (MRTP) Act was to promote competition in the market and prevent monopolistic and restrictive trade practices. The act aimed to curb monopolies, restrict unfair trade practices, and protect the interests of consumers. It provided provisions for the regulation and control of large business entities to ensure fair competition and prevent the concentration of economic power in the hands of a few. The MRTP Act was enacted in 1969 and was later replaced by the Competition Act in 2002 to further strengthen competition laws in India.
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