| 242 | Part III: The Economics of Development
competitive advantage in the international market, the interference
of the government through the MRTP Act in investment decisions
of large companies had become deleterious in its effects on Indian
industrial growth. The pre-entry scrutiny of investment decisions
by the so-called MRTP companies was no longer required. Instead,
emphasis would be on controlling and regulating monopolistic,
restrictive and unfair trade practices rather than making it neces-
sary for the monopoly houses to obtain prior approval of Central
government for expansion, establishment of new undertakings,
merger, amalgamation and takeover and appointment of certain
directors. The MRTP Act would be restructured by eliminating ...