What does the letter ‘M’ stand for in the MRTP Act 1969?

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SSC CGL 2022 Tier-I Official Paper (Held On : 02 Dec 2022 Shift 1)
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  1. Monopolistic
  2. Monopolies
  3. Multi
  4. Monopoly

Answer (Detailed Solution Below)

Option 2 : Monopolies
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Detailed Solution

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The correct answer is Monopolies.Key Points

  • Monopolies and Restrictive Trade Practices is how MRTP is officially referred to.
  • The MRTP act in India went into effect on June 1st, 1970, after the MRTP bill was enacted in 1969.
  • Over the years, this law has undergone numerous revisions as in the years 1974, 1980, 1982, and 1991.
  • With the exception of Jammu and Kashmir, this law is applicable to all of India's states.
  • In India, the MRTP act is no longer in effect.
  • The Competition Act, which was put into effect on September 1st, 2009 by the Competition Commission of India, has taken its place.

Additional Information

  • ​The MRTP act was the first significant piece of law to regulate unrestricted and free commerce.
  • The government established the Sachar committee in 1977 to oversee the MRTP act's required review.
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