MRP

Meaning:

MRP, or Maximum Retail Price, is defined as the highest price at which a product may be sold to consumers in India. This price is mandated to be printed on all packaged products by manufacturers to safeguard customers against potential overcharging. Retailers

are legally prohibited from selling products above this price but may offer discounts and sell below the MRP.

Importance in Finance and Trade:

MRP enhances market transparency by providing consumers with clear pricing information, thereby ensuring they are well-informed about the maximum price they should pay. I t serves to prevent exploitation of consumers by restricting the pricing power of retailers,

which helps build trust in the marketplace.

MRP facilitates smoother billing processes, encourages healthy price competition among retailers, and supports the framework of consumer protection laws.