world consumer day

World Consumer Rights Day

World Consumer Rights Day

Mahatma Gandhi, the great soul of India once quoted “A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favor by serving him. He is doing us a favor by giving us an opportunity to do so”, with every sentence, he brought out the essence of relationship that a business holds with its customers.

Every year on March 15, World Consumer Rights Day is observed to raise awareness about the consumer rights, needs and demands. Consumer are sensitised about their privileges, interests to be protected, and how to deal with any fraudulent practices. Celebrating this day is a chance to demand that the rights of all consumers who deserve to be respected and protected against the market abuse and social injustice.

Did you know there are 6 basic Fundamental Rights of an Indian Consumer? On this World Consumer Rights Day, know your rights as listed below:

  1. Right to Safety – This one gives us the right to be protected against the marketing of goods and services which are hazardous to life and property
  2. Right to Information – To become an informed consumer exercise your right to get information about the quality, quantity, purity, standard and price of goods or service so as to protect yourself against the abusive and unfair practices.
  3. Right to Choice – In India, every consumer has the right to choose the goods or services of his or her likings
  4. Right to be Heard or Right to Representation – According to consumer protection act, consumer has the right to represent him or to be heard or right to advocate his interest.
  5. Right to Seek Redressal – We as consumers have the right to get compensation or seek redressal against unfair trade practices or any other exploitation
  6. Right to Consumer Education – This propagates that each consumer has the right to acquire the knowledge and skills to be informed to customers.

World Consumer Rights Day originated in 1983 to mobilize citizen action. For this year, Consumers International has announced that the theme for World Consumer Rights Day 2022 is Fair Digital Finance. The global consumer advocacy movement aims to spread awareness about the fair digital finance practices as consumers’ moves towards the model of digital payment from micro to macro level. This movement aims to generate new consumer-centred insights that lead to an inclusive, safe, data protected and private and sustainable future for the 21st century consumer. The objective of spreading awareness towards a digital financial services-centric theme is to aware and alert consumers who are vulnerable in the gradually progressing cashless society.

The rapidly changing marketplace dynamics demand consumer to be digitally literate to reshape payment mechanism involving lending, insurance, and wealth management and alike financial services. Let’s consider the state of affairs in the Indian subcontinent and the size of Indian consumer segment which is dreamingly one of the largest in the world map as per the data derived from global corporations. India stands a chance to be the key drivers of future growth in financial sector, FMCG industry, consumer durables, ecommerce, and many more areas because a favorable chunk of population is young and has high purchasing power parity (PPP) owing to the increasing disposable income.

Therefore, achieving fair digital finance requires a global, collaborative, and coordinated approach to deal with the rapidly evolving and complex nature of digital financial services demonstrate the need for innovative regulatory approaches and digital financial services and products that centre consumer protection and empowerment.

We wish you all a very Happy World Consumer Rights Day!

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