Print

2011 burned holes in wallets

Posted in Front Page

Staff Reporter
Shillong, Dec 29:
Price rise has been the single most factors that has been hassling the common man since the beginning of this year. The picture was not really great last year too, but the year 2011 has punctured all wallets and purses.
In just the education sector alone, Meghalaya registered 20-30 percent hike in schoolbooks prices this year. The inflation is expected to increase by another 30 percent next year, speculate book wholesalers in city.
In the fuel sector, prices of petrol have touched the mark of Rs 70 per litre in State while prices lingered around Rs 50 per litre at the start of the year. This forced the cabbies to hike their fares but was met with strong opposition from the local masses. Even then, they went ahead with their proposed hike.
The situation with vegetables has not been heartening either with values of seasonal vegetables varying from one market to another. And, the issue of high prices of essential commodities has kept the entire nation crippled for the entire year.
Research scholars blame arbitrary price rise witness this year to “LPG” - Liberalization, Privatization and Globalization.
Added with then are the factors of population pressure, import of crude, irregular monsoon, emergence of high income group specially after India’s “LPG”, and above all hoarding and corruption.
The inflation rate in India was last reported at 9.36 percent in October of 2011. From 1969 until 2010, the average inflation rate in India was 7.99 percent reaching an historical high of 34.68 percent in September of 1974 and a record low of -11.31 percent in May of 1976.
Inflation rate refers to a general rise in prices measured against a standard level of purchasing power. The most well known measures of Inflation are the CPI which measures consumer prices, and the GDP deflator, which measures inflation in the whole of the domestic economy.
The Gross Domestic Product (GDP) in India expanded 6.9 percent in the third quarter of 2011 over the same quarter, previous year. Historically, from 2004 until 2011, India’s average annual GDP Growth was 8.45 percent reaching an historical high of 10.10 percent in September of 2006 and a record low of 5.50 percent in December of 2004.
The unemployment rate in India was last reported at 9.4 percent in 2009/10 fiscal year. From 1983 until 2000, India’s Unemployment Rate averaged 7.20 percent reaching an historical high of 8.30 percent in December of 1983 and a record low of 5.99 percent in December of 1994.
As for Meghalaya, with the number of unemployed youths increasing every year, these figures are only an adding concern.
It is a well known fact that due to transportation constrains faced by the state, the rates of every item coming to state automatically registers certain price hike.
In order to combat this transportation constrain, Chief Minister Dr Mukul Sangma has been constantly been advocating to bring in railways in state, though the NGOs have been opposing the move.
The state also saw its truckers association in action as government had decided to increase vehicle taxes by almost 500 percent, which came as a heavy hammer on the shoulders of general public that was already in agony due to sky rocketing prices of commodities.


FaceBook  Twitter