Inflation is the sudden hike in the price of any commodity or goods. In this Covid crisis, people are also suffering due to price rise in essential goods and services which is a basic need for each and every individual in their day-to-day lives. In the year 2014 during the election campaigns the Bharatiya Janata Party had raised the slogan “Bahut hui mehangai ki maar ab ki baar Modi Sarkaar”, 7 years had passed under the rule of the Modi Government and no steps had been taken against the price rise. The economy of our country started contracting after the demonetization and GST imposition in the year 2016. In the month of January 2020 Coronavirus had entered India. When the cases hiked on 22nd March Prime Minister had announced a National Lockdown without any prior notices. This pandemic has a great impact on the economies of several countries. In India the situations are much more devastating, many people have lost their jobs, facing losses in businesses, salaries have been deducted. According to surveys 23 crore people went below the poverty line.
From LPG to pyre, petrol to cooking oils prices have increased. Since from November 2020
6-7 times in total Rs240 have been increased on the LPG, which is the most important for every household.
LPG price shift (Non-subsidised)
MONTHS. PRICE(in Rs).
July 2021. Rs 834.00
June 2021. Rs 809.00
May 2021. Rs 809.00
April 2021. Rs 809.00
March 2021. Rs 819.00
February 2021. Rs 769.00
January 2021. Rs 694.00
December 2020. Rs 694.00
November 2020. Rs 594.00
In many states of the country, the price of petrol and diesel have made a century (more than Rs 100). With the low income, it is getting difficult to survive. The prices of food grains, cooking oils, vegetables, and fruits are also touching heights.
In this covid era, many people have lost their earning members and are going through double wallop. High inflation is forcing people to dig deeper into their savings to survive. In the future, rising prices would hamper the economic recovery because households would have nothing in the name of money to spend.
We can’t even imagine how people are actually suffering, some of them are downtrodden and have stopped eating vegetables, sometimes they have to eat rice only or chapati/paranthas with salt. This sustaining inflation is nudging people to cut down the consumption of food items which could lead to malnutrition in children and them.
The mismanagement of the economy by the government has led to the worst contraction.
The decreasing incomes of the households and savings are a real ultimatum of consumption slowing down. Our economy is 70-80% depending upon consumption, so it is necessary to put money in the poor’s pocket.
Government should announce relief packages and make sure that each and every individual has money so that economic activities can take place which could lead to economic growth, increase in employment opportunities, and reduction in inflation.
We expect the government to find solutions to the problems that the country is facing.