Consumer_Rights_day

Dear all,
Welcome.

Today is World Consumer Rights Protection day.It is being celebrated since 1987. Various advertisements are brought by the Ministry of Consumer Affairs(MCA) in this regard with slogan like "Jago Grahak Jago", MRP etc. As per the business practice, the seller adds profit to the Cost Price with various services included like transport, raw material cost, labour etc. When these prices get fixed due to market factors, the competition increases or else in it's absence, the monopoly also could persist. During 1977, the govt. had brought a major change by bringing Control of prices of essential commodities act. Under it, the govt. had controlled the profit made by the sellers. There was a limitation of 2% profit for manufacturer & 4% for wholesaler. These went into effect till 2002. Later, the control was removed so that competition may exist amongst businesses. But the producers made their own nexus & fixed the minimum price of goods. The Consumer has to be aware of the profit which the dealer makes on particular goods so that he could be able to negotiate on goods prices. If it is not possible, the govt. should put a ceiling on the profit made so as to protect the consumer.
With regards,

M.K.Pachraiya