What is MRTP ACT The Monopolies and Restrictive Trade Practices Act, 1969, aims to prevent concentration of economic

power to the common detriment, provide for control of monopolies and probation of monopolistic, restrictive and unfair trade practice, and protect consumer interest. Monopolistic trade practice is that which represents abuse of market power in the production and marketing of goods and services by eliminating potential competitors from market and taking advantage of the control over the market by charging unreasonably high prices, preventing or reducing competition, limiting technical development, deteriorating product quality or by adopting unfair or deceptive trade practices.

GLOBALISAtion and changing nature of competition in india

Abstract The transformation of present economy from a manufacturing economy to a primarily service economy has increased the importance of knowledge in job performance. As people become the most valuable asset of a firm, there has emerged a new class of highly-skilled knowledge workers. High demand for knowledge workers coupled with their limited availability in the work force has created a 'war for talent' among organizations. With firms competing for skilled workers, employee mobility has increased .Therefore, organizations have to develop new strategies to attract, retain, motivate and develop employees. The role and responsibilities of HRM have become more significant with an increase in the number of knowledge workers, inter-firm competition, changes in technology, and so0cietal and business trends. Introduction The shift from a manufacturing economy to a services economy from production of goods to production of ideas, and from the machine age to the information age has been accompanied by many transformations. Rather than producing goods, the service firms produce 'ideas'. Organizations in the 'services era', such as software, financial services, and biotechnology firms, depend on 'intellectual capital'. People create 'intellectual capital' and are therefore, the most valuable asset of a firm. Even the environment within which firms conduct business today is very different and much more complex and dynamic when compared to the environment fifteen years ago. Firms no longer compete or operate nationally only. Organizations are no longer governed by the business, legal and political environment of their own nations only. As the world becomes one global playing field, the environmental changes in countries other than the home country of a firm affect business decision and the performance of firms. Several societal and global phenomena have challenged the management of human resources. Thus, changes in the economic, business, social and cultural environments have brought about a transformation in the HR function and the roles and responsibilities of HR professionals. Some of the significant environmental trends and changes faced by HR managers that pose major challenges are as follows: Trends in the business environment

The changing nature of work Demographic, societal and work-force trends The changing nature of the employment relationship.

Globalization of Business A major environmental change that has taken place in the last fifteen years is the globalization of business. The world has become a global village and business has become global in character. Organizations are venturing beyond national boundaries in the pursuit of business opportunities. Toyota Motor Corporation makes cars in USA and India, Mc Donald's sells burgers in India and hamburgers in China, and Marks and Spencer's sells products in India. Every other product sold by Wal-Mart stores Inc. is made in India. This is the time when buildings are conceptualized in the US designed in India and built in China. Very recently, Ford Motor Co. (Ford) announced its plans to invest $ 1 billion in products and plants in the Asia-Pacific region in the next few years to maintain its presence in the fastgrowing markets. Outsourcing has made India a Manufacturing hub, especially for the automobile sector; with cheap labour providing one of the competitive advantages. Government policy reforms and growth against an appreciating rupee have also facilitated this trend. Large numbers of manufacturing assembly jobs that require low skills have moved from the US and Western Europe to developing countries like China, Thailand, Malaysia, and India. India's manufacturing and services companies invested $10 billion overseas in 2004. The top 15 Indian IT, software and related companies have invested mostly in developed countries. Like the IT and automobile industries, domestic hospital chains from India, such as Apollo Hospitals Group, Fortis Healthcare and Max Healthcare Institute Private Limited, also have ambitious expansion plans in markets as far away as the US, UK, Mauritius, and South-East Asia. Multinational corporations require employees who can adapt to different cultures, customs, social practices, values, economic and political systems and management approaches, who can work with other employees from differing backgrounds. This has caused new challenges for HR managers. The HRM function of a company must develop systems that will help individuals from different cultural backgrounds to work together. Human resource managers must ensure that employees with the requisite knowledge, skills, abilities, and cultural adaptability are available so that they may be successful in global assignments. Foreign investment is no longer something that flows only from a developed country to a developing one. Indian companies are on an expansion drive. Indian business houses, like the Tata Group and firms like Ranbaxy Laboratories Limited (Ranbaxy), Wipro Limited (Wipro), Sun pharmaceutical Industries Limited, Crompton Greaves Limited, Asian Paints, and Cognizant Technology Solutions, have struck merger and acquisition deals world wide to become global players. Acquisitions by Indian companies have now become strategic in nature, by which they have been able to take leadership positions in Asia. The table 1.1 depicts major Human Resource Challenges faced by modern businesses in the present scenario. Table 1.1 Environmental Trends and Human Resource Challenges Sr. No. Environmental Trends Human Resource Challenges

1.

Business Environment Managing a global workforce. Ensuring availability of employees who have the skills for global Globalization and assignments. increased competition Focusing increasingly on employee productivity to ensure competitiveness. Ensuring legal compliance when conducting business abroad. Managing employee insecurity. Mergers and Acquisitions Ensuring continued employee productivity. Developing HR initiatives to manage employee morale. Managing organizational relationship with survivors Managing morale and commitment of survivors Providing outplacement services or relocation for employees who Downsizing lose jobs. Providing personal and family counseling to employees who lose their jobs. Changing Nature of Work Managing workforce with flexible working patterns. Industry and Occupational Focusing on competencies during hiring process. shifts Designing incentive based compensation. Developing proactive employee development programmes. Managing a virtual workforce. Managing employee alienation. Technological Developing training modules and conducting programmes to provide Advancements employees with required skills. Retraining current employees to mange obsolescence. Providing work-life balance initiatives. Manage employee concerns about losing jobs due to outsourcing. Outsourcing Managing employee morale and productivity. Managing the loss of organizational control over work. Flexible Work Developing programmes for motivating the flexible workforce. Arrangements Developing ways of ensuring commitment of the flexible workforce to the firm.

2.