what is mrp price

Maximum Retail Price (MRP) is a manufacturer-calculated price that is the highest price that can be charged for a product sold in India, Bangladesh, and Sri Lanka. The MRP is printed on the product packaging and is inclusive of all taxes and other charges involved. The MRP is set by the manufacturer or retailer and is intended to protect consumers from being charged excessively high prices for products. The benefits of having a nationwide, legally-enforced MRP include lower prices for consumers and a decrease in the symptoms of inflation. All retail products in India must be marked with their MRP, and shops cannot charge customers over the MRP. However, the retailers may choose to sell products for less than the MRP. MRP differs from systems using a recommended retail price because in those systems, the price calculated by the manufacturer is only a recommendation, not enforceable by law.