Pratibha Patil moots stimulating consumer demand

President Pratibha Patil today said that stimulating consumer demand would help overcome the current global economic decline. The president also said that creating confidence in institutions and markets would help overcome the downward trend in the global economy.

Presient Patil said the strong domestic consumer demand in India had cushioned the country from the full impact of the global financial meltdown.

After inaugurating the Committee on Consumer Policy meeting in the capital this morning, she said stimulating consumer demand and creating confidence in institutions and markets was one of the focal areas for ovecoming the current slowdown.

"This requires products that meet standards of quality and services that have an assurance of safety," she said, adding, "for us consumer protection is of great significance both as part of a sound business approach as well as for achieving the broader goal of national economic growth."

She also emphasised the need to evolve institutionalised framework to safeguard consumer interest, saying, "A legal system and a strong dispute redressal mechanism must also be in place. This can make consumer protection effective and meaningful, nationally and internationally."

Pointing to the Consumer Protection Act at the national, state and district levels, President Patil also highlighted that these bodies had "delivered landmark judgments" that have become a source of hope to consumers.