A. Importance of ‘Consumer Protection’ from the point of view of Business:
1. Long-term Interest of Business: Every business wants to enjoy long existence. This is possible only when business firms provide absolute satisfaction to the consumers. Paying attention to the satisfaction of consumers is nothing but consumer’s protection.
2. Business Uses Society’s Resources: Every business uses various resources, e.g., material, machinery, human, capital, etc. All these resources are supplied by society. From this point of view, it becomes the responsibility of business to provide better facilities to society. By doing this and through the medium of consumer protection business gets an opportunities to discharge its responsibility towards society.
B. Importance of ‘Consumer Protection’ from the point of view of Consumers:
1. Consumer’s Ignorance: Generally, the consumer are not aware of their rights. It is only because of this ignorance that they cannot raise their voice against their exploitation rampart in the market. Therefore, it has become necessary in public interest that they should be educated about their rights so that they become activated.
2. Unorganised Consumers: Consumers are unorganised. A single consumer raising his voice against exploitation is not as effective as the voice of an organised consumers’ body can be. Consumers protection encourages the consumers to organise themselves.