World Consumer Rights Day

In News

• Every year 15th March is celebrated as the World Consumer Rights Day.

About the day

• History:
  • World Consumer Rights Day was inspired by President John F Kennedy, who sent a special message to the US Congress on 15th March 1962, in which he formally addressed the issue of consumer rights.
  • He was the first world leader to do so.
  • The consumer movement first marked that date in 1983 and now uses the day every year to mobilize action on important issues and campaigns.
• Objective:
  • World Consumer Rights Day is an annual international event that signifies celebration and solidarity in the international consumer movement, demanding that consumer rights are to be respected and protected.
  • The event also gives a chance to protest against the market abuses and social injustices which undermine those rights.
• Theme for 2022
  • This year the theme promoted is “Fair Digital Finance”.
• Why this theme?
  • By 2024, digital banking?consumers?are expected to exceed?3.6 billion.
  • In the developing world, the proportion of account owners sending and receiving payments digitally has grown from?57% in 2014 to 70% in 2017.
  • Digital finance brings new opportunities but also new risks that can lead to unfair outcomes for consumers.
  • Digital finance can increase the likelihood that the most vulnerable are left behind.
  • Digital Financial Services can empower consumers, everywhere.
  • To achieve this, digital financial services must be inclusive, safe, data protected and private, and sustainable.

Consumer Rights in India

• India has enshrined the concept of consumer rights in its Constitution. The Consumer Protection Act was passed in Parliament in December 1986, with the goal of empowering consumers.
• The National Consumer Disputes Redressal Commission, set up under the act, handles consumer grievances.
• Some of the powers that consumers have under this Act:
  • Consumers have the right to be heard at appropriate forums
  • They have the right to seek redressal against unfair trade practices
  • They have the right to consumer education
  • Consumers have the right to seek goods and services at competitive prices.

Source: TH