According to the Consumer Protection Act 1986, the consumer right is referred to as ‘right to be protected against marketing of goods and services which are hazardous to life and property’.It is applicable to specific areas like healthcare, pharmaceuticals.
The right to information is defined as ‘the right to be informed about the quality, quantity, potency, purity, standard and price of goods or services, as the case may be so as to protect the consumer against unfair trade practices’ in the Consumer Protection Act of 1986.
Consumerism is a social as well as economic order which encourages the buying of goods and services in ever-greater amounts. This term is sometimes associated with critics of consumption beginning with Thorstein Veblen. Veblen's topic of examination.
What is the Purpose of Consumer Protection Laws
Consumer protection is the group of organizations and laws that are designed for ensuring the consumer rights along with fair trade, accurate information and competition in the market place. These laws are designed for the prevention of business engaged in specified or fraudulent unfair practices. Consumer Protection Laws are the form of government regulation that aims to protect the consumer’s rights.
The purpose of the act is to provide consumers protection with respect to:
Preservation of the competitive market and consumer choice.
Adequacy and price of supply of services and goods.
Prevention of deceptive and unfair trade practices.
Protection of remedies of consumers and legal rights.
Maintenance of fairness and truthfulness in the sale, promotion and advertising by the retailer, lender, distributor, producer or any other supplier of credit, services, property and goods.
Providing estimates of benefits and costs of activities and programs estimated by the Federal government legislation and regulations.
Furnishing of clear, accurate and full warnings, instructions and other relevant information by any supplier concerning credit, services, goods and property etc.
Consumer protection is the standing practice where businesses are watched closely for ensuring that the businesses are running the practices legally without being unfair or without applying any fraudulent means in terms of consumer market. This is one of the benefits of Consumer protection laws that are used for decreasing the prevalence of the monopolies and ensures that the consumers are still the major concern of companies.