New Delhi, July 16 -- In a country of highly price-conscious consumers, even a liberalized economy must endure an itch for price control that seems to surface in policy circles every few years. The latest instance is an idea reported to have popped up as part of a proposal to revise India's MRP system. Under it, as of now, consumer-facing companies must display a 'maximum retail price' on a product's pack above which it cannot legally be retailed.

While free markets of the West have no such price caps, clearly marked MRPs are useful for their information value. Marketers need to convey the top prices they want charged, while buyers need a way to check if they are being asked to overpay.

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