How have our markets been transformed in recent years? Explain with examples.
AS consumers in today’s world we have a wide choice of goods and services before us.
- The latest models of digital cameras, mobile phones and televisions made by the leading companies of the world are now within our reach.
- Every season, new models of automobiles can be seen on Indian roads.
- Today, Indians are buying cars produced by nearly all the top companies of the World.
- A similar explosion of brands can be seen for many other goods from shirts to televisions to processed fruit juices.
- Such wide-ranging choice of goods in our markets is a relatively recent phenomenon.
- The transformation of markets has come because of legal institutions helping consumers in getting compensated and upholding their rights as consumers.
- The producers in the market need to strictly follow the required safety rules and regulations.
- The manufacturer in the market is now required to display information about the ingredients used, price, batch number, date of manufacture, expiry date and the address of the manufacturer.