TOWARDS A CRISIS CARTEL REGIME IN INDIA – A CASE FOR THE RECOGNITION OF CRISIS CARTELS

Acknowledgement of the existence of crisis cartels in various points of time in the history proceeds on the basis that a one-size-fits-all policy of deterring cartels needs to be reconsidered when policymakers and competition regulators are faced with situations of economic instability, high levels of unemployment, social instability, and volatility of demand.The purpose of this paper is to investigate the rationale for acknowledgement and engagement with crisis cartels in India. This paper does not argue in favour of a crisis cartel in any given sector in India, or seek to justify cartel conduct in a specific case. It argues for a comprehensive approach to cartels formed in times of crisis, with special emphasis on cartels that may be formed with approval from state authorities