Why do we need competition in the market under the Competition Act, 2002 ?

Competition is now universally acknowledged as the best means of ensuring that consumers have access to the broadest range of services at the most competitive prices. Producers will have maximum incentive to innovate, reduce their costs and meet Consumer demand. Competition promotes allocative and productive efficiency. But all this requires healthy market Conditions and governments across the globe are increasingly trying to remove market imperfections through appropriate regulations to promote competition.