consumer awareness and its impact on Indian economy explain in 100 words
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What Is the Meaning of Consumer Awareness?
Consumer Awareness is the process of making the consumer of goods and services aware of his rights. It involves educating a consumer about safety, information and the redressal options available to him.
As previously discussed consumer awareness is one of the most persistent problems the government faces when it comes to consumer protection. To resolve this problem the government has come up with various methods over the years. In fact, it is the main aim of the Department of Consumer Affairs.
Consumer Awareness in India
One of the most important and successful Consumer Awareness campaign in recent times has been the “Jago Grahak Jago” campaign. You must have certainly come across it. It is a great example of a successful consumer awareness.
Indian consumer durables market is broadly segregated into urban and rural markets, and is attracting marketers from across the world. The sector comprises of a huge middle class, relatively large affluent class and a small economically disadvantaged class. Global corporations view India as one of the key markets from where future growth is likely to emerge. The growth in India’s consumer market would be primarily driven by a favourable population composition and increasing disposable incomes.
Per capita GDP of India is expected to reach US$ 3,273.85 in 2023 from US$ 1,983 in 2012. The maximum consumer spending is likely to occur in food, housing, consumer durables, and transport and communication sectors.
Market Size
The growing purchasing power and rising influence of the social media have enabled Indian consumers to splurge on good things. Import of electronic goods reached US$ 53 billion in FY18.
Indian appliance and consumer electronics (ACE) market reached Rs 2.05 trillion (US$ 31.48 billion) in 2017. India is one of the largest growing electronics market in the world. Indian electronics market is expected to grow at 41 per cent CAGR between 2017-20 to reach US$ 400 billion.
As of FY18, washing machine, refrigerator and air conditioner market in India were estimated around Rs 7,000 crore (US$ 1.09 billion), Rs 19,500 crore (US$ 3.03 billion) and Rs 20,000 crore (US$ 3.1 billion), respectively.
India became world's second largest smartphone market with 40.1 million units shipped between July-September 2018. India is expected to have 829 million smartphone users by 2022.
Government Achievements
Following are the achievements of the government in the past four years:
Under the mid-day meal scheme initiated by the Government of India, about 95 million students of around 1.14 million schools enjoy fresh meal every day.
The Government has laid foundation of 141 universities and 7 IITs in the past four years.
With an aim of promoting innovation and entreprenuership among secondary school students in the country NITI Aayog, Government of India has launched the Atal Innovation Mission (AIM)In June 2018, 3,000 additional Atal Tinkering Labs were approved, taking the total number of labs to 5,441.
Rise Of Consumer Awareness
In the globalization, liberalization and privatization era, most of the economic decisions are taken by the market. Though, the government has withdrawn itself from many economic activities, it interferes very often when the market mechanism fails due to structural rigidities in the economy and other factors, to provide goods and services to the people. Consumption is one of the important economic activities, which requires regular government intervention, as market is unable to promote security and welfare aspects of the consumers. On the other hand, consumers have to be aware not only of the commercial aspects of sale and purchase of goods but also of the health and security aspect also. Besides this, they should be aware of their rights and duties being as rational human beings.
Though, the first consumer movement began in England after the Second World War, a modern declaration about the consumer’s rights was first made in USA in the year 1962, where four basic consumer rights i.e. Choice, information, safety and right to be heard were recognized. Ralph Nadar, a consumer activist is considered as the father of “Consumer Movement”. 15th March is now celebrated as the World Consumer Rights Day. The U.N.O. Also adopted in the year 1985, certain guidelines to achieve the objectives of maintaining protection for consumers and to establish high level ethical conduct for those engaged in production and distribution of goods and services. In India, 24th December is celebrated as “Consumer’s Day” every year.
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Consumer Awareness is the process of making the consumer of goods and services aware of his rights. It involves educating a consumer about safety, information and the redressal options available to him.
As previously discussed consumer awareness is one of the most persistent problems the government faces when it comes to consumer protection. To resolve this problem the government has come up with various methods over the years. In fact, it is the main aim of the Department of Consumer Affairs.
Consumer Awareness in India
One of the most important and successful Consumer Awareness campaign in recent times has been the “Jago Grahak Jago” campaign. You must have certainly come across it. It is a great example of a successful consumer awareness.
Indian consumer durables market is broadly segregated into urban and rural markets, and is attracting marketers from across the world. The sector comprises of a huge middle class, relatively large affluent class and a small economically disadvantaged class. Global corporations view India as one of the key markets from where future growth is likely to emerge. The growth in India’s consumer market would be primarily driven by a favourable population composition and increasing disposable incomes.
Per capita GDP of India is expected to reach US$ 3,273.85 in 2023 from US$ 1,983 in 2012. The maximum consumer spending is likely to occur in food, housing, consumer durables, and transport and communication sectors.
Market Size
The growing purchasing power and rising influence of the social media have enabled Indian consumers to splurge on good things. Import of electronic goods reached US$ 53 billion in FY18.
Indian appliance and consumer electronics (ACE) market reached Rs 2.05 trillion (US$ 31.48 billion) in 2017. India is one of the largest growing electronics market in the world. Indian electronics market is expected to grow at 41 per cent CAGR between 2017-20 to reach US$ 400 billion.
As of FY18, washing machine, refrigerator and air conditioner market in India were estimated around Rs 7,000 crore (US$ 1.09 billion), Rs 19,500 crore (US$ 3.03 billion) and Rs 20,000 crore (US$ 3.1 billion), respectively.
India became world's second largest smartphone market with 40.1 million units shipped between July-September 2018. India is expected to have 829 million smartphone users by 2022.
Government Achievements
Following are the achievements of the government in the past four years:
Under the mid-day meal scheme initiated by the Government of India, about 95 million students of around 1.14 million schools enjoy fresh meal every day.
The Government has laid foundation of 141 universities and 7 IITs in the past four years.
With an aim of promoting innovation and entreprenuership among secondary school students in the country NITI Aayog, Government of India has launched the Atal Innovation Mission (AIM)In June 2018, 3,000 additional Atal Tinkering Labs were approved, taking the total number of labs to 5,441.
Rise Of Consumer Awareness
In the globalization, liberalization and privatization era, most of the economic decisions are taken by the market. Though, the government has withdrawn itself from many economic activities, it interferes very often when the market mechanism fails due to structural rigidities in the economy and other factors, to provide goods and services to the people. Consumption is one of the important economic activities, which requires regular government intervention, as market is unable to promote security and welfare aspects of the consumers. On the other hand, consumers have to be aware not only of the commercial aspects of sale and purchase of goods but also of the health and security aspect also. Besides this, they should be aware of their rights and duties being as rational human beings.
Though, the first consumer movement began in England after the Second World War, a modern declaration about the consumer’s rights was first made in USA in the year 1962, where four basic consumer rights i.e. Choice, information, safety and right to be heard were recognized. Ralph Nadar, a consumer activist is considered as the father of “Consumer Movement”. 15th March is now celebrated as the World Consumer Rights Day. The U.N.O. Also adopted in the year 1985, certain guidelines to achieve the objectives of maintaining protection for consumers and to establish high level ethical conduct for those engaged in production and distribution of goods and services. In India, 24th December is celebrated as “Consumer’s Day” every year.
hope it helps u mate....
pls mark me brainliest
rahulstar96:
please do it for me and thank you so much
thank you so much but lastly tell me what will happen if consumer awareness will increase from the point of view of Indian economy
please please please
how good you are but I said what will happen and you edited what happened if you can please edit this properly
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