Q. 195.0( 2 Votes )
“Rules and regulations are required for the protection of the consumers in the market place.” Justify the statement with arguments.[CBSE 2016]
1. Individual consumers are often in a weak position in the market place because of the exploitation that takes place in various ways. For example – shopkeepers weighing less than what they should or the selling of defective goods.
2. In cases of complaints regarding a good or service that had been bought, the seller often shifts all the responsibility on to the buyer.
3. Large companies with huge wealth, power and reach also manipulate the markets by providing false information through media and other resources. For example – a company selling powder milk powder for babies claimed it to be better than mother’s milk. It took years to make the company accept these false claims eventually.
NOTE – The buying and selling mechanism operating in the market does not work in a fair manner somewhere or the other. Therefore, protection of consumers is necessary and the enactment of Consumer Protection Act (COPRA) in 1986 is a major step in this direction.
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