What was Raghavan Committee? What were the recommendations of Raghavan Committee ?

As India moved steadily on the path of reforms comprising of Liberalisation, Privatisation and Globalisation it did away with the MRTP Act, 1969 as it was realised that the Act had outlived its utility and control of monopoly was not appropriate to support the growth aspirations of Indians. Indeed, need was felt to promote and sustain competition in the market place. The then Finance Minister in budget speech in 1999 had announced: "The Monopolies and Restrictive Trade Practices Act has become obsolete in certain areas in the light of international economic developments relating to competition laws. We need to shift our focus from curbing monopolies to promoting competition. Government has decided to appoint a committee to examine this range of issues and propose a modern Competition Law suitable for our conditions." Accordingly, a High-Level Committee on Competition Policy and Law was constituted under chairmanship of Mr. S.V.S Raghavan. The Committee submitted its report on 22nd May 2000 recommending replacement of the MRTP Act with a modern competition law for fostering competition and for eliminating anticompetitive practices in the economy. After consulting the stakeholders, Competition Bill, 2001 was introduced in the Parliament which eventually became the Competition Act, 2002. Raghavan Committee recommendation for the establishment of a Competition Commission of India & winding up of MRTP Commission, formulation of merger rules etc.