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provider to the problem you experienced? Did they give you a hearing and take any kind of corrective measures? Were you satisfied? If not, did you feel that the situation could have been better if you had some support? Let us try to find answers to these questions. U You have already learnt in Class XI about family finance management n t incorporating money income, its management, savings and investment, V credit and also realised how important it is to get maximum satisfaction - on spending each penny that you earn. Consumer education teaches you e to be an efficient and alert consumer. o u c e M Significance of Consumer Education n a and Protection e m Look around and you will find that the number of products being n t manufactured and sold is steadily increasing in both urban and rural markets. We are all aware that manufacturers are responsible for supplying good quality products and if there is a problem, consumers have the right to redressal. Manufacturers can no longer take consumers/customers for granted. With increasing number of consumers and volume of consumption of goods and services, manufacturers/suppliers/service providers have begun to realise that it is important to respect and satisfy the ‘consumer’, since the reputation of the company and its profits are determined by consumer opinion. India has been transforming from an underdeveloped to a developing economy. Much of this can be attributed to industrialisation and globalisation. These economic changes have improved the standard of living along with increased buying power. We are living in a ‘global village’ and facing the challenges of global markets. The march towards ‘global economy’ necessitates a global outlook on the part of consumers who cannot sit back and watch. They have to emerge as a progressive force to ensure their welfare. They have to understand the economic system and inter relationships of individuals with each other, with business and with government. It is necessary for today’s consumer to be careful, alert and be well informed. Consumer education and protection have thus become important. Further, the Indian government has become liberal and opened the doors to foreign companies. Thus we can see a variety of products, made by multinationals that have established their manufacturing/assembly units in India or imported items, on the shelves of many stores. This has advantages but, at the same time, there are disadvantages. On the positive side the Indian consumer has much to choose from and can look 223 Reprint 2026-27