Stimulate consumer demand to tackle economic crisis: President

NEW DELHI: President Pratibha Patil on Wednesday said stimulating consumer demand and creating confidence in institutions and markets can help tackle the present downward trend in the global economy.

"Stimulating consumer demand and creating confidence in institutions and markets is one of the focal areas for tackling the situation. This requires products that meet standards of quality and services that have an assurance of safety," Patil said after inaugurating a meet of the Committee on Consumer Policy, an ISO body, here.

Highlighting that the impact of the financial meltdown on India has been less because of strong domestic consumer demand, the President said, "... 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."

Stressing on evolving a network of institutions to safeguard interest of consumers, Patil said, "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."

"We have a Consumer Protection Act at the national, state and district levels. These courts have delivered landmark judgments in many spheres and have been a constant source of hope to consumers," the President said.