Can there be a phenomenon that has the opposite effect as that of time dilation ?????
In special relativity, no. The effect is symmetric. If I see your clocks running slow then you'll also see mine running slow.
In general relativity clock rate also depends on gravitational potential, so clocks that are above you run faster while clocks below you run slower. The limit to that is intergalactic space, more or less, where there's nowhere further up to go.
Also, in accelerating frames clocks in the direction of your acceleration will run fast compared to your own.
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