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Why is consumer protection important?


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Consumer protection laws are designed to ensure fair competition and the free flow of truthful information in the marketplace. The laws are designed to prevent businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors and may provide additional protection for the weak and those unable to take care of themselves. Consumer Protection laws are a form of government regulation which aim to protect the interests of consumers.
Sep 8th, 2010 at 6:53 PM
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Consumer protection laws are designed to ensure fair competition and the free flow of truthful information in the marketplace. The laws are designed to prevent businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors and may provide additional protection for the weak and those unable to take care of themselves. Consumer Protection laws are a form of government regulation which aim to protect the interests of consumers.
Nov 13th, 2012 at 2:21 PM
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Consumers protections are needed for a lot of obvious reasons. One of them being corporations would rob the country and citizens bling without oversight.
In India, consumers spread over the entire length and breadth of the country are unorganized. Many of them are illiterate, poor and backward. As against this the producers are relatively much more organized. They have huge resources at their disposal and can deceive and exploit consumers in a number of ways. In a bid to beat competition, increase their market share, and maximize their profits, they, at times, adopt dubious means to push up the sales of their products. The following are the main ways in which the producers and traders can deceive consumers:
1. The sellers may first hike prices and then offer discounts to attract consumers
2. Prices may be fixed at levels much higher than those dictated by the costs of production
Jun 6th, 2013 at 5:59 AM
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Consumer protection laws are designed to ensure fair competition and the free flow of truthful information in the marketplace. The laws are designed to prevent businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors and may provide additional protection for the weak and those unable to take care , consumers spread over the entire length and breadth of the country are unorganized. Many of them are illiterate, poor and backward. As against this the producers are relatively much more organized of themselves.
Oct 6th, 2016 at 11:04 AM
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