TWALKITOUT: Lately there have been more than usual number of issues relating to Indian economy that have literally put our country in a turmoil. As the economic vitals keep alarming the experts, common man commutes through the day, suffering the most without even knowing the cause of it. The answer lies wide in in front of our eye, Indian Economy-the cause of our sufferings !!
As the series of event has come too heavy on a common educated employed/unemployed man/women of India, we carry the burden all together. Let’s just take everything one by one with the most possible root cause of each.
Inflation, or better known as Mehngaai, is not a conundrum best answered in one line. Inflation is the outcome of massive failures of policies on various grounds. In India, though, we struggle with inflation in food products the most. Where simple food, not counted in any kind of luxury or tertiary service, is the first most hit area. Food inflation in true cases is mostly triggered by climatic irregularities that hurt the demand and supply chart. though in our country, unleashed profiteers, black marketers, hoarders and agent ready situations to earn commission on every step of sale and purchase lead to the food inflation. Let alone talking about the Onion, more than 60% of onion production in the country is controlled by 5-6 families.
Rise in cost of Petroleum Products
Rise in the price of petroleum products hurts the overall fright cost hence hurting the pocket of final consumer. Rise in the price of petroleum products is a new issue whole together, apparently governed by international crude oil prices and the power of Indian National Rupee to buy in the International Market. While ministers toy with all kinds of ideas to curb consumption of oil, including bizarre ones such as shutting down petrol pumps at night, it might help if they looked inwards. For, the biggest and most profligate oil consumer in the country is the government itself, published in an article.
Rupee vs US Dollar
You must be wondering, how did the Rupee that once stood stout compared to US dollar is trundling down the hill. The direct blame holders for this case are intriguing number of scandals in India in the past 10 years that have made India the not so likely place for international/Indian investors to put their money in. Adding to it, the global brands which have made their place already in our daily life are siphoning an incomprehensible amount of our wealth to the west hence taking the perk out of our system, that the IT companies fetching huge sums and the exports bring about.
Though, this was never a concern here, but in the past few decades, India has faced the distress of wealth accumulation with a very limited number of either successful business conglomerates or the corrupt politicians stacking their black money in banks overseas. Now how would wealth accumulation hurt a common man? This is explained in the terms of GDP ad per capita income. As the GDP and per-capita income of our country is calculated, we assume each Indian to be earning around a sum of Rs. 14,000-17,000/- per annum. With the wealth accumulation, the wealth gets squeezed out of the commoners and lands up ending into vaults on the other side.
Did we know, that 60% of Indian face a scene asking for bribery in day today life? Transparency International estimates that truckers pay annually Rs. 22,200 crores (US$ 4.5 billion) in bribes, just to get the commodities delivered over inter-state borders. The more bribe we pay, more of our money goes into non-productive expense.
There are uncountable instances that lead to the Failing economy in India. I’ll talk about more in my next post. And more than the government, it’s us who make Indian Economy-the cause of our sufferings for ourselves in greed of a short term profit, overlooking the connected cycle, that is sure to hit back in some way or the other.
(photo credits: freedigitalphotos.net)
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