New Delhi: The union cabinet on Wednesday approved a new Consumer Protection Bill that seeks to make redress of grievances inexpensive and quick and proposes to set up a regulatory authority to curb unfair trade practices, sources said.

They said the bill proposes to bring about comprehensive changes in the Consumer Protection Act, 1986, including a product liability provision which will make manufacturers liable for sub-standard goods and services.

Sources said the bill is likely to be introduced by the consumer affairs, food and public distribution in the monsoon session of parliament. The bill proposes to create a Central Consumer Protection Authority to investigate unfair trade practices and check misleading advertisements, initiate action and order recall or replacement of defective products.