Rising prices in india has became a great trouble for the middle and lower class people. The indian Government has failed to stop the hiking prices in every way some of the poor policies are the cause for it.
The Government of the day is concentrating more on the economical development. for that they are seeking more and more opportunity to increase GDP growth rate which was 7.9% past week. and is expected to raised upto 9 %. Obviously India is in lead in the growth race and economical development but what about common people. all the burden of price hike comes on them.
It is being clearly seen that the price of sugar, grains, vegetables and fuels are increasing continuously. When the Sixth pay commission was created public was expecting that they would be able to life a good and more comfortable life but they didn't know that they are going to see such high prices which have brake records of last 3.5 years.
Government had achieved the magical figure of 7 to 9 % GDP growth rate but this would not solve the problems of the common people. Already country is facing the problem of increasing population and unemployment and now this is really going to be unfavorable for public of india.
The price inflation measured in terms of the whole sale index and of four consumer price indices became divergent soon after the impact of the global financial crisis felt by indian market. the WPI was 1.75% in the April 2009 and then fall down in negative figure bu suddenly in September 2009 it accelerated to 4.8% and then 7.3% in December 2009. but the question arise is that why government is not able to stop raising prices when they were able to pull out country from such a big financial poverty.
The government can not put the claim on the poor monsoon season and less production by agriculture because there is enough and large stock of food-grains and sugar available in the country.This is the time to accept the poor policy making and corrupt implementation.
The UN report on the world social situation 2010 says that the economic liberalization across the world is already moving slow from 1980 s . and in india also the growth can be seen in the market except the period of 2003-08. The result is, rich are getting more rich and poor are more poor.
the impact of the current financial crisis which were began from last 2008 had only added more problems to the situation. economic liberalization has reduced the policy and space to move ahead and is decreasing revenue collection which is the key to combat poverty.
It is the time to show the governance capabilities and to fine the alternatives for the growth enhancing. The growth measure should be aimed at the reducing inequality. targeting poor is politically unsustainable,while the social measure like particularity of food and education should be universal in nature. The country's RBI has done the efforts in the mounting the inflationary pressure on the economy.
The RBI has kept the bank rate unchanged at 6%. and this seems strange that RBI is staying with the same policy instead of suggesting an alternative that could be managing the recovery insted of managing the cricis.
The RBI has projected the annual GDP for the country 7.5% in 2009-10. and this WPI inflation rate in 2010 reach at 8.5%. thus if the WPI is higher than the GDP so where is the relief for the common countrymen. This totally shows the selfishness of government.
The Behaviour of Industrial Prices in India
The integration of indian with the global economy is possible only if the country government follows a people-centric development policy instead of corporate-centric development policy. that is the matter of development and protection of common men from rising prices.
No country can say itself developed if its people are poor and unemployed. now its time to take strict action to help relieving people from price hike. Also this would be interesting to see, how government do this as the election in some states ate approaching.
So just let us hope for the best! for India.
Note : This report is prepared on the basis of the various news reports and research on the internet any msis-fact or error is deeply regretted.
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