New Delhi: A bill seeking the setting up of a Competition Commission of India to facilitate healthy competition by prohibiting abuse of dominance and anti-competitive agreements was tabled in Parliament on November 21.

The Standing Committee on Home Affairs in its 93rd report on the Competition Bill, 2001, calls for repealing the Monopolies and Restrictive Trade Practices Act (MRTP Act) and dissolving the Monopolies and Restrictive Trade Practices Commission (MRTPC).

"The objective of the economic policy is to sustain competition culture in the country for economic efficiency and maximisation of public and consumer interest", says the committee report headed by Pranab Mukherjee.

Stating that sustenance of competition culture could be ensured by free and fair competition amongst economic enterprises, the report says the bill has provision for ensuring fair competition by regulating and monitoring of economic enterprises.

The bill also seeks to create a fund known as "Competition Fund" for meeting the costs realised by the Competition Commission of India.

PTI