Bhasmasur of Inflation – Dr. Amit Bagwe (Editor’s note) B.Com, M.Com, M. A. Marathi, M. A. Sanskrit (University of Mumbai)
Inflation in April has reached an eight-year high. Inflation stood at 7.79 per cent. Food inflation also rose to 8.38 per cent. For the entire year 2022, retail inflation is expected to remain above 6 per cent. The same groceries used to cost around Rs. 850 / – in 2012 but today it costs Rs. 1600 / – are being spent. Prices of edible oil, gas, pulses, vegetables and wheat-rice have been rising sharply. The daily life of the common man is getting harder day by day. Apart from government employees, there is no sign of any increase in income. The common man, overwhelmed by the corona, is falling into the abyss of inflation.
Unemployment in urban India rose to 8.7 per cent in the October-December quarter of last year. In July-September 2021, the unemployment rate for people aged 15 and over in urban areas was 9.8 percent. Rising unemployment is creating problems for social unrest.
Russia has created global uncertainty in the wake of the Ukraine war. Inflation has reached record highs in the US and England over the last 40 years. As a result, interest rate hikes are being taken to curb rising inflation. The Reserve Bank of India has raised interest rates. The US Federal Reserve has also begun raising interest rates. The rest of the world is also focusing on raising interest rates. Raising interest rates will reduce the amount of cash in transactions. Even at the global level, the chances of any relief are slim.
International crude oil prices have risen. Petrol, diesel and gas prices have been steadily rising in India. Rising oil prices will push up inflation. Due to the shortage of palm oil in Indonesia and rising inflation, domestic edible oil prices have reached historic highs.
The rupee has fallen to a historic low. The rupee has fallen below 77.50 against the dollar for the first time. The stock market has started a historic decline. The average investor is swayed by this. Job and business income is not increasing and returns on Investment are declining or not getting. Various fraudulent schemes of cryptocurrency and instant riches are causing financial loss to the common man.
Inflation is on the rise and it looks like it will soon burn out. Now you need to pay more attention to how your monthly income will increase. Economic prosperity is very low in Marathi society as compared to other societies. Therefore, the Marathi community should pay attention to their economic upliftment and come together and work for each other. Everyone understands how the future of you and your next generation will be prosperous. Don’t tell the wise!
