The Competition Act, 2002 is an improvement on the MRTP Act, 1969. Critically analyse this statement.

It is true that the Competition Act, 2002 is an improvement on the MRTP Act, 1969. Following differences in the MRTP Act, 1969 and the Competition Act, 2002 support this statement: Difference in goals as stated in Preamble of the Acts The MRTP Act, 1969 aimed at prevention of concentration of economic power and prohibition of monopolistic, restrictive and unfair trade practices while objective of the Competition Act, 2002 is to promote and sustain competition, protect the interest of consumers and ensure freedom of trade carried on by other participants, in markets in India. The broad objective of MRTP Act, 1969 was to control monopolies while the objective of the Competition Act 2002 is to promote competition. Difference in provisions w.r.t. dominance According to MRTP Act, 1969, dominance per se is bad while the provisions of Competition Act, 2002 states that it's not dominance which is prohibited but it is abuse of dominance which is per se bad. Regulation of Merger & Acquisitions (Combination) MRTP Act, 1969 did not provide for regulation of merger & acquisition while the Competition Act, 2002 provides for regulation of merger & acquisition which is absolutely important in the new regime of liberalization. Provision for penalties MRTP Act, 1969 did not provide for penalties specifically while the Competition Act, 2002 specifically provides for imposition of penalties for violations under the Act. Advocacy provisions There were no advocacy provisions for Monopolistic and Restrictive Trade Practices Commission while the Competition Act, 2002 mandates Competition Advocacy provisions for Competition Commission of India. Extra-territorial jurisdiction of Commission Monopolistic and Restrictive Trade Practices Commission did not have extra-territorial jurisdiction beyond India in appropriate cases while Competition Commission of India is vested with extra-territorial jurisdiction in appropriate cases having adverse effect on competition in India.