MRP

Meaning:

MRP, or Maximum Retail Price, is defined as the highest price at which a product can be sold to a customer in India. Manufacturers are required to print the MRP on all

packaged products to protect consumers from being overcharged. Retailers are prohibited  from selling above this price, although they are allowed to sell below it.

Importance in Finance and Trade:

MRP helps maintain transparency in the market, ensuring that consumers are aware of the maximum price they should expect to pay for a product.

It prevents exploitation by li miting the price retailers can charge, thereby fostering trust and  confidence among consumers.

MRP simplifies billing processes, encourages price competition, and supports consumer protection laws.