The word consumerism means the consumption of resources by the people. It is a process and habit of the chronic purchasing of new goods and services, with scant attention to the true need, durability, origin of the product or the environmental impacts during manufacture and disposal.
Consumer Protection in India: Importance, Definition and Government’s Role in Consumer Protection Importance of Consumer Protection: The Consumer Protection Act, 1986: The C.P.A. was passed by the Parliament in 1986 and it came into force from 1987. Its purpose is to protect consumers against defective goods, unsatisfactory services, unfair trade practices, etc.
NGOs and Consumer Organizations in India: Definition and Role! Non-governmental Organizations (NGOs) are those organizations which aim at promoting the welfare of the people, and are non-profit making. They have voluntary decision-making structure, and are free from the interference of the government. They may be fully or partially financed by the government or any other(…)
Some of the responsibilities that must be preformed by consumer are as follows: (i) To provide adequate information to the seller: The consumer has the responsibility to provide adequate information about his needs and expectations to the sellers.
Some of the important ways and means of consumer protection in India are as follows: 1. Lok Adalats 2. Public Interest Litigation (PIL) 3. Redressal Forums 4. Consumer Protection Councils 5. Eco-Mark Scheme 6. National Youth Award on Consumer Protection 7. Publicity Measures 8. Consumer Welfare Fund. 1. Lok Adalats: In India, Lok Adalats (or(…)
IDBI (Industrial Development Bank of India) Industrial Development Bank of India was established in July 1964 by Govt, of India under the IDBI Act as a wholly-owned subsidiary of RBI to provide credit and other facilities for the development of industry.
IFCI (Industrial Finance Corporation of India)! Meaning: The Industrial Finance Corporation of India is the first industrial finance institution to be set up in India soon after independence. It came into existence as a statutory corporation in July 1948 under the Industrial Finance Corporation Act, 1948.
Life Insurance Corporation of India (LIC)! The Life Insurance Corporation of India provides long-term finance to Industry. The Lie of India was set up under the Life Insurance Corporation Act 1956 under which the Life Insurance was nationalized. Prior to 1956 the life insurance business was done by joint stock companies in the private sector.(…)