A balanced economy means a system which works equally for all. India is growing and the economy is growing at exceedingly rapid levels. The large numbers and macro data create mass confusion, but in any study, there are always two ending points and you have to start somewhere.
In any market, you have production of goods and to have an economy, you must have consumers. In India, we gave preferential treatment to producers, but you have to consider the consumers, or your business will not flourish.
Producers of goods, especially food grain, are enjoying minimally supported government pricing. One agriculturalunit holder is insured by local government to make sure he continues producing goods. Many producers are enjoying zero tax dollar years in various sectors and Government also protects them with insurance policies.
Consumers are also getting some protection in the name of consumer courts and MRP (Maximum Retail Price) but these so-called protections are not able to help them. Consumer courts have limited authority and there is a lot of backlog with all the formalities. MRP for any product is just a one sided technique and its decided by the producers so there is not much help for the consumer.
It’s time to talk about the consumer’s protection in India. We have to change one maximum rate for each service because one price does not fit all. We should uphold the upper limit rate and if these rates are not honored, then the sellers should have severe legal consequences.
Indian markets are very diversified with theirproducts they place on their retail counters. You will find fully loaded counters with substandard products, duplicated items, less than quality merchandise. Most of sellers are not required to provide bills or even a product guarantee.
The service sector is not concerned with any laws. The doctors, lawyers and even astrologers are free to make propaganda via their advertisements and free to collect any amount for their customers. Specialized services especially in the medical sector and education sectors find their own way to collect every last penny from their customers. Theyare specialists of emotional blackmailing and collecting huge amounts with no repercussions. Unfortunately, the amount of money they are collecting is not investing in the future structure of their respective fields.
UPL means Upper Price Level can create some problems for short term but will be very useful in the long term for country and consumers. It’s just the right thing to do.
we are thankful to Saundra Lane
The Lane Agency for her support.
Surendra Singh Chouhan,