Q. 225.0( 1 Vote )
“Rule and regulations are required for the protection of the consumers in the market place.” Justify the statement with arguments. [All India 2016]
Rules and regulations are required for the protection of the consumers in the market place because to safeguard the consumers form the exploitation. Consumer exploitation can be exploited through the purchase of goods and exploitation during the consumption of services. It can be though improper weighing, impurity, adulteration, deliberate hiding of facts, creating artificial shortages and excess in the market or through physical, mental and intellectual damages.
The reasons for the requirement of the rules and regulations are:
• To check adulteration
It is the process of mixing or substituting identical and undesirable materials in the food items. This will cause heavy loss to the consumers and also leads to many diseases while consuming undesirable commodities. For example Mixing of bricks powder in chilli powder, because both are identical and the consumer cannot differentiate it. Adulteration should be checked thoroughly because this type of adulteration in food items can cause severe diseases.
After the 1991 government has withdrawn from many of the production activities and private enterprise has been given autonomy in production. But there some sort of rules and regulation to control them from exploiting consumers because private agencies are profit oriented and they will charge high prices for the low-quality goods.
• To prevent Monopoly
When there are few powerful producers then they can easily capture the market and their influence in the production market will influence the consumer in the factors such as price, quality, quantity etc… Therefore it is very much essential of rules to prevent this monopoly power in the market.
• For seeking remedy
It is the rules and rights that made viable for the consumers to seek remedy if the commodity purchased has adverse effects for the consumers. This process of providing remedies will be very much useful for the consumers and also producers will produce quality goods for avoiding the extra compensation charged due to the collapse of the product.
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