Competition watchdogs across the world will celebrate World Competition Day on Dec 5 and the theme this year is ‘cartels and their harmful effects on consumers’. Countries including Armenia, Namibia, Zimbabwe, Pakistan, Gambia, Fiji, Russia, Zambia and United Kingdom have already expressed their support for the World Competition Day.
“Aberration in production, prices and availability of goods and services, particularly in the prevailing inflationary environment has prompted a renewed discourse on the possibility of cartels in sectors such as drugs, tyre, milk, film production and distribution, cement, sugar etc,” said Consumer Unity & Trust Society ( CUTS) – a nonprofit organisation working on consumer protection issues.
Cartels are a type of restrictive trade where players in the same business connive to raise prices, distribute customers or restrict the supply/ availability of products in the market.
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