The document discusses the evolution of consumer protection, highlighting the shift from 'let the buyer beware' to 'let the seller beware' due to exploitative practices in the market. It outlines the importance of educating consumers about their rights and the need for legal frameworks to safeguard these rights, including several key laws such as the Consumer Protection Act of 1986. Overall, it emphasizes that businesses have a moral and social responsibility to protect consumers and improve their satisfaction to ensure long-term success.

1. Consumer Protection
Consumers are said to be the king in a free market economy, The earlier approach of
Caveat Emptor which means ‘Let the buyer beware’ has now changed to Caveat
Venditor which means ‘Let the seller beware’.
With growing competition and increased sales and market share, manufacturers and
service providers are engaged in unhealthy, exploitative and unfair trade practices.
This means that a consumer might be exposed to risk due to unsafe products,
misleading advertisements etc. Thus, there is a need for providing adequate
protection to consumers against such practices of the sellers.
What is consumer protection
Consumer protection refers to ‘the protection of physical, economic and other interest
of the consumers from exploitation by the business community’. The consumers are
being protected by restricting the mall practices through legislature and other
measures.
Importance of consumer protection
Consumer protection has a wide agenda. It not only includes educating consumers
about their and responsibility but also helps in getting grievances redressed.
Consumer protection has a special significance to both consumers and business
persons.
From the view of consumers.
The importance of consumer protection from the view of consumers are,
1.Consumer Ignorance
There is a widespread ignorance of consumers about their rights and reliefs available
to them, it becomes necessary to educate them about it to achieve consumer
awareness.
2.Unorganized consumers
Consumers need to be organized in the form of consumer organizations which would
take care of their interest. In India, there are many consumer organizations which are
working in this direction, adequate protection is required to be given to consumers till
these organizations become powerful enough to protect and promote the interest of
consumers.
3.Widespread exploitation of consumers

2. Consumers might be exploited by unscrupulous, exploitative and unfair trade
practices like defective and unsafe products’ adulteration, false and misleading
advertising, hoarding, black marketing etc.
From the point of view of business community
A business must also lay emphasis on protecting the consumers and adequately
satisfying them because of the following,
1.Long term interest of business
Modern business realizes that it is in their long term interest to satisfy their customers.
Satisfied customers not only lead to repeat sales but also provide good feedback to
prospective customers and thus helps in increasing the customer base of business.
Thus, business firms should aim at long term profit maximization through customer
satisfaction.
2.Business uses society resources
Business organizations use resources which belong to the society. Thus, they have
the responsibility to supply such products and render such services which are in
public interest and would not damage public conscience in them.
3.Social responsibility
A business has social responsibilities towards various interest groups. Business
organizations make money by selling goods and providing services to consumers. So
it is important to look after the society to protect their business.
4.Moral justification
It is the moral duty of any business to take care of consumers’ interest and avoid any
form of their exploitative action. Thus, a business must avoid unfair trade practices
towards consumers at their interest.
5.Government intervention
A business engaging in any form of exploitative trade practices would invite
government action. This can damage the company’s image and reputation. Thus, it is
advisable that business companies voluntarily follow such practices where a
consumer’s needs and interest will well be taken care of.
Legal protection to consumers
The Indian legal framework consists of a number of regulations which provide
protection to consumers. The legal protections are,
1. The Consumer Protection Act -1986
2. The Indian Contract Act -1872

3. 3. The Sale of Goods Act -1930
4. The Essential Commodities Act -1955
5. The Agricultural Produce Grading and Marketing Act -1937
6. The Prevention of Food Adulteration Act -1954
7. The Standards of Weights and Measures Act -1954
8. The Trademark Act -1999
9. The Competition Act -2002
10.The Bureau of Indian Standards Act -1986
Consumer rights
The consumer protection act provides for six rights of consumers such as,
1. Right to safety
The consumer has a right to be protected against goods and services
which are hazardous to life and health. Products which are
manufactured with substandard products or do not conform to safety
norms might cause serious injury. Thus, consumers are educated to
use products with safety assurance such as ISI mark etc.
2. Right to be informed
The consumer have right to have complete information about the products,
he intends to buy including its ingredients date of manufacture, price,
quantity and direction for use etc
3. Right to choose
The consumer has the freedom to choose from a variety of products at
competitive prices. This implies that the marketers should offer a wide
variety of products in terms of quality brand, prices, size etc and allow
the consumer to make a choice from amongst these.
4. Right to be heard
Consumers have a right to file a complaint and to be heard in case of
dissatisfaction with a good or service. It is because of this reason that
many modern business firms have set up their own consumer services
and grievance cells. Many consumer organizations are also working
towards this direction and helping consumers in redressal of their
grievance.
5. Right to seek redressal
The consumer has a right to get relief in case the product and services fall
short of his expectations. The consumer protection act provides a
number of reliefs to the consumers including replacement of goods,
compensation paid for any loss or injury suffered by the consumer etc.
6. Right to consumer education

4. The consumer has a right to acquire knowledge and to be a well-informed consumer
throughout life. He should be aware about his rights and reliefs available to him in
case of products or services falling short of his expectations.
Who can file a complaint
Any consumer can file a complaint on his own or her own and does not require the
services of advocate or professionals.
Any registered consumer association. The central government or any state
government.
One or more consumers on behalf of numerous consumers having
the same interest.
A complaint under sec-2(B) of the consumer protection act 1986. After all it’s the
responsibility of the business community to look after the consumer rights, safety and
interest for a long term functioning of the company so that the company does not drop
its increasing consumers. The associations of trade, commerce and business like
Federation of Indian Chambers of Commerce of India(FICCI) and Consideration of
Indian Industries(CII) have laid down their code of conduct for their members, the
guidelines in their dealings with the customers. So for every health working of a
company to require to follow every code of conduct against the consumers.
Consumers are the base of working of a company so it is nearly very important to
maintain their protection in every possible way in its scope of working.