https://www.reuters.com/world/india/india-conducts-antitrust-raids-tyre-companies-ceat-apollo-continental-sources-2022-03-30/
India’s government has conducted antitrust raids on the largest tyre companies in their country. When the raiding of the companies took place they found that they were all raising prices together to create a monopolized market so that they could make more profit selling tyres. One of the sources said that these companies had unfair trade practices and rigging of bids while supplying tyres for public transport vehicles in the northern state of Haryana. A finding of bid-rigging could lead to a fine of up to three times the profit in each year the prices were fixed by the companies, or 10% of annual revenue, whichever is more. Also, the stock of the companies fell down a staggering 12% leading to the loss of millions or maybe even billions of dollars.
This obviously is an extremely big deal for the selling of tyres in India. It could lead to these companies not being able to sell as many tyres and having a possible shortage in the market. But, India stopped the monopolization of the market in order to create lower prices for their population. When reading this article you can’t help but relate this to parts of India’s antitrust laws and the United States antitrust laws. They are almost identical. When doing more research you find that India as a capitalist country has identical laws to the United States when it comes to monopolization laws.
This relates to class because it compares how the Indian government handles monopolization and how the United States handles monopolization. In this case these two countries have almost identical laws. It also relates to class because it shows how the Indian government has more power than the companies that are located within them.
