Distinction between competition law and competition policy |competition law| competition policy
1) Competition policy may be thought of as a genus, and competition law as specie. Competition law gives the authority responsible for enforcing and implementing the competition policy the required teeth. Thus, competition policy has the beneficial goal of enhancing consumer welfare.
2) The set of rules and regulations meant to promote a competitive economy is referred to as “competition law.” All of the above, as well as regulations aimed at limiting declines in competition, are included. Competition policy, on the other hand, comprises all legislation, government programs, and regulations aimed at promoting and maintaining competition. Regulatory reform involves both governmental and private sector efforts to promote, advance, and ensure competitive market conditions while also addressing the anti-competitive impacts of restrictive practices.
3) According to the Raghavan Committee, competition policy refers to the measures taken by governments to encourage competitive market structures and behavior. As a result, competition policy often incorporates a system of competition law. The legislation will strive to carry out the strategy by guaranteeing that businesses functioning in the marketplace do not engage in anti-competitive behavior.
The Raghavan Committee on Competition Policy, in its report, also emphasized the need of a competition policy. Indeed, along with monetary, fiscal, and trade policies, it was considered as the fourth cornerstone of the government’s economic framework policies.