Correct Answer: It provides a legal framework for redressal of consumer grievances

Solution : The correct answer is (b) It provides a legal framework for redressal of consumer grievances.

The Consumer Protection Act holds great significance for consumers as it provides a legal framework for the redressal of consumer grievances. Here are a few key reasons why the act is significant for consumers:

1. Consumer Rights: The act recognizes and protects various consumer rights, including the right to be protected against hazardous goods, the right to information, the right to choose, the right to be heard, the right to seek redressal, and the right to consumer education.

2. Dispute Resolution: The act establishes consumer courts or consumer dispute redressal commissions at the district, state, and national levels, providing consumers with accessible and specialized forums to address grievances and seek compensation for losses, damages, or deficiencies in goods or services.

3. Compensation and Remedies: The act empowers consumers to claim compensation and seek appropriate remedies for issues such as unfair trade practices, misleading advertisements, product defects, deficient services, or any other harm caused due to negligence or non-compliance by the seller or service provider.

4. Consumer Protection Agencies: The act sets up consumer protection agencies, such as the Consumer Protection Councils and Consumer Dispute Redressal Commissions, which work towards promoting and protecting consumer rights and interests.

5. Consumer Awareness and Education: The act emphasizes the importance of consumer awareness and education, encouraging consumers to be informed, make wise choices, and assert their rights. It also promotes programs and initiatives to enhance consumer knowledge and awareness.