What is the Full Form of MRTP Act?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
The Full Form of MRTP Act is the Monopolistic and Restrictive Trade Practices Act. The MRTP Commission approved the MRTP bill in 1969. It went into force on June 1st, 1970, with the intention of controlling unrestricted and free trade. Other goals that the MRTP act sought to achieve are to control monopolies in the market, to ensure that the economic power doesn’t solely go into the hands of a small number of companies, and to regulate restrictive and monopolistic trade practices.
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Full Form of MRTP Act
The MRTP Act was put forth to make sure that the way the economy functions does not lead to the concentration of economic power in the hands of a select few. This page provides an overview of the MRTP Act, including its key characteristics, significant provisions, and historical modifications.
Although it was later abolished and the Competition Act of 2002 took its place, it was nevertheless India’s first piece of law to regulate the market. An amendment was introduced to the act in 1984, according to which a fourth objective was added. The objective was to regulate unfair trade practices under the same act.
Objectives of the MRTP Act
Then, in 1991, a final amendment was made under which the objectives of the MRTP act were as listed below:
- Prohibition of Monopolistic Trade Practices (MTP)
- Prohibition of Restrictive trade practices (RTP)
- Prohibition of Unfair Trade Practices (UTP)
MRTP act was the government’s way of tackling the growing monopolies in the market after India’s independence.
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