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 print the MRP on all packaged products to ensure that customers are protected from overcharging. Retailers are not allowed to sell  products above this price, but they can sell them for a lower amount.

Importance in Finance and Trade:

MRP promotes transparency in pricing, helping customers know the maximum price they should pay.

It prevents exploitation by ensuring that sellers cannot charge excessively, fostering trust  between consumers and retailers.