Explain the term “relevant geographic market” and “relevant product market” in terms of the Competition Act, 2002.

Section 2 (s) of the Competition Act, 2002 defines the term "relevant geographic market" to mean a market comprising the area in which the conditions of competition for supply of goods or provision of services or demand of goods or services are distinctly homogenous and can be distinguished from the conditions prevailing in the neighbouring areas. Section 2 (t) of the Competition Act, 2002 defines the "relevant product market" to mean a market comprising all those products or services which are regarded interchangeable or substitutable by the consumer, by reason of characteristics of the products or services, their prices and intended use. Relevant market is the mix of relevant geographic market or relevant product market or both. Competition (Amendment) Act, 2023 expands the definition of relevant product market to include the perspective of suppliers. As per revised definition "relevant product market" means a market comprising of all those products or services- which are regarded as inter-changeable or substitutable by the consumer, by reason of characteristics of the products or services, their prices and intended use; or the production or supply of, which are regarded as interchangeable or substitutable by the supplier, by reason of the ease of switching production between such products and services and marketing them in the short term without incurring significant additional costs or risks in response to small and permanent changes in relative prices.