What do you mean by Cartel? Explain it with reference to Competition Act, 2002.

As per Section 2(c) of the Competition Act, 2002, 'Cartel' includes an association of producers, sellers or distributors, traders or service providers who, by agreement amongst themselves, limit control or attempt to control the production, distribution, sale or price of or, trade in goods or provision of services. Cartel is an anti-competitive practice under the Competition Act, 2002. The nature of a cartel is to raise price above competitive levels, resulting in injury to consumers and to the economy. For the consumers, cartelization results in higher prices, poor quality and less or no choice for goods or/and services. If there is effective competition in the market, cartels would find it difficult to be formed and sustained.