The primary, secondary, tertiary, quaternary, and quinary sectors represent various business types and the goods they procure and sell in an economic setup. They differ in the following ways:The primary sector comprises the basic industries for providing basic materials to other industries. This sector encompasses the extraction of raw materials from the environment, such as…
The National Consumer Disputes Redressal Commission is in short known as NCDRC. It is a quasi-judicial commission in India established in 1988 under the Consumer Protection Act of 1986 with its head office in New Delhi. The commission is headed by a sitting or retired Judge of the Hon’ble Supreme Court or sitting or retired…
Consumer Protection Division, under the Ministry of Consumer Affairs, Food & Public Distribution is mandated to implement the Consumer Protection Act, 2019, and Rules/Regulations made under the ibid Act. It is entrusted with the framing of policy related to the protection of the interests of the consumers particularly those grievances arising in the post-sale of goods and services. Jurisdictions: The…
Economic planning is the procedure through which a State makes or influences key economic decisions. The Indian government has come up with various objectives such as utilizing the country’s human resources by increasing employment level, economic development, self-sufficiency, and social justice, in its economic planning. Economic Development and self-sufficiency are the major objectives of Indian…
Significant achievements of Five Year Plans in India are as follows; Growth of agriculture output: India became self-sufficient in food grains. An increase in farm output during the First Plan helped to end inflation, stabilized the economy, and paved the way for a higher rate of development during the Second Plan. Many irrigation projects were…
It is not possible to give any precise or universally acceptable definition of Economic Planning. There is no unanimity among political thinkers and economists about the concept of planning. Different economists across the world have defined economic planning in a variety of ways. Mrs.Brbara Wooton the Director of studies in economics at Girton defines “Economic…
At the time of Independence, India’s accounted for only three per cent of the world’s GDP, or about Rs 2.7 lakh crores. Per-capita income figures from 1947 are vague but according to some estimates, India’s share of total world income fell to as low as 3.8 percent. India had a population of 340 million and…
The Consumer Protection Council is a government institution that was established in 1972 with the main objective of protecting consumer rights, developing and promoting effective consumer protection measures, as well as educating people about their rights under the law. The Consumer Protection Act, 2019 provides for better protection of the interests of consumers and for…
Purpose of CPA 2019: Consumer Protection Act 2019 is an Act that provides for better protection of the interests of consumers and for that purpose makes provision for the establishment of consumer councils and other authorities for the settlement of consumers’ disputes and matters connected therewith. Preamble: Effective from 20 July 2020, the Consumer Protection…
In the 1986 Act, the definition of a consumer was only limited to buying goods or services and did not specifically include e-commerce transactions. However, this lacuna has been addressed by the New 2019 Act. Under the Consumer Protection Act 2019, a consumer is defined as a person who “buys any goods” and hires or…