Who decides Maximum Retail Price on products in India?

Question

on every product there is MRP what it exactly means? which authority asks to do so? and for what?

Answer 1

Manufacturer of the product decides the sme after considering the various VAT, sales tax and other aspects such as commissions to wholesalers, retailers etc.

Answer 2

It is the company policy, marketing managers, if they are honest and company want to develop it's brand.

Sometimes the meaning is Maximum retail price and some times minimum retail price.

As the goods are sold at lower or higher prices.