Bhopal, December 24- ‘ We need to understand, analyze and interpret the rights as consumer under Consumer Protection Act 1986 for avoiding to become victim in the marketplace with unhealthy practices of all kinds ,’ said Dr. M.M. Goel, Professor of Economics & Dean Faculty of Social Sciences, Kurukshetra University, Kurukshetra. He was speaking on the occasion of National Consumer Rights Day here today. He has come to Barkatullah University for conducting a Ph. D viva-voce.
Let us enhance the marginal propensity to decide (MPD) which is necessary and sufficient condition for increasing marginal propensity to save (MPS) and marginal propensity to invest (MPI) and reduce marginal propensity to consume (MPC), the basic economics, told Professor Goel.
We observe 24th December as “National Consumer Rights Day”, since the Consumer Protection Act, 1986 was enacted on this day with the objective of providing better protection of consumers’ interests. The Act provides for effective safeguards to consumers against various types of exploitations and unfair dealings, relying mainly on compensatory rather than a disciplinary or preventive approach. It applies to all goods and services providing speedy and inexpensive adjudication, told Professor Goel.