and Protection Look around and you will find that the number of products being manufactured and sold is steadily increasing in both urban and rural markets. We are all aware that manufacturers are responsible for supplying good quality products and if there is a problem, consumers have the right to redressal. Manufacturers can no longer take consumers/customers for granted. With increasing number of consumers and volume of consumption of goods and services, manufacturers/suppliers/service providers have begun to realise that it is important to respect and satisfy the ‘consumer’, since the reputation of the company and its profits are determined by consumer opinion.
India has been transforming from an underdeveloped to a developing economy. Much of this can be attributed to industrialisation and globalisation. These economic changes have improved the standard of living along with increased buying power. We are living in a ‘global village’ and facing the challenges of global markets.
The march towards ‘global economy’ necessitates a global outlook on the part of consumers who cannot sit back and watch. They have to emerge as a progressive force to ensure their welfare. They have to understand the economic system and inter relationships of individuals with each other, with business and with government. It is necessary for today’s consumer to be careful, alert and be well informed.
Consumer education and protection have thus become important. Further, the Indian government has become liberal and opened the doors to foreign companies. Thus we can see a variety of products, made by multinationals that have established their manufacturing/assembly units in India or imported items, on the shelves of many stores. This has advantages but, at the same time, there are disadvantages.
On the positive side the Indian consumer has much to choose from and can look for better products with competitive pricing. The disadvantage of having a large array of products is that choosing the right product is now more difficult since one has to understand new technology, new products and new features. One has to compare the price and quality, in order to be able to make an informed decision, especially because consumers face problems such as malpractices, exploitation by unscrupulous sellers, misleading advertisements, making it important for each one of us to be wise consumers.