Correct option is C
- The MRTP Act (Monopolies and Restrictive Trade Practices Act) was enacted in 1969 to prevent monopolistic, restrictive, and unfair trade practices in India.
- The Act aimed at promoting healthy competition and protecting consumers from harmful trade practices, such as price-fixing, creating artificial scarcity, and market manipulation.
- The MRTP Act empowered the government to regulate the economic concentration of power in the hands of a few large business houses and curb monopolies and other practices that limit free trade.
Additional Information
- The MRTP Act was replaced by the Competition Act in 2002 to further promote competition and address restrictive trade practices in a more comprehensive manner.
- The FEMA Act (Foreign Exchange Management Act) deals with the regulation of foreign exchange and international trade but does not directly address restrictive trade practices.
- The Industrial Policy Act 1991 focuses on industrial development and liberalization in India but does not specifically target restrictive trade.
- The Foreign Trade Policy sets the guidelines for international trade but is not focused on regulating internal restrictive trade practices.
Other Options
- FEMA Act: Incorrect. This act is related to foreign exchange management, not restrictive trade.
- Industrial Policy Act 1991: Incorrect. The Industrial Policy deals with industrial growth and liberalization, not directly with restrictive trade.
- Foreign Trade Policy: Incorrect. The Foreign Trade Policy is concerned with regulating and promoting international trade, not restrictive trade practices within the country.
