The devil of inflation

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The devil of inflation

As India is recovering from the worst crisis of Coronavirus, there another disaster waiting in the wings. This disaster is more lethal and detrimental to the economy and that is called as inflation which is going beyond control. As India is gradually coming out of the menace of the biggest health crisis, the devil of inflation is there to completely eat away all the gains we have obtained even during the crisis. The more severe crisis is waiting and it is not related to public health. It is inflation that will further push the economy into a ditch. Presently the rate of inflation is pegged at five-point thirty-one by the Reserve Bank of India. It can’t be understood mere figure. When we talk in terms of rates, then we can understand the gravity of the situation. As we know, the rates of edible oils have risen to near two hundred rupees per kilo. Likewise, the rate of vegetables and other eatables have risen to a level that the common man can’t bear. The main reason for inflation is an extreme hike in the rates of petrol and diesel. When the rates of crude oil in international markets were one hundred and fifteen dollars per barrel, the customers in India were getting both fuels at seventy-one rupees per litre. This was the period of prime minister Manmohan Singh. Prime minister Modi was very lucky that, during his tenure, the rates of crude in markets collapsed to such a low level as twenty-nine dollars per barrel. When the rates of crude are increased in international markets, the government and oil companies immediately pass on their losses to customers. But, when the crude rates collapsed, the Modi government did not pass on the advantage to customers. All the money was eaten by the Modi government. This is why we are paying today hundred rupees for a litre of petrol or diesel. The recent news is that the Modi government has earned a profit of a whopping amount of five point two lakhs crores only through the hike in petrol and diesel prices. Still, the government is not thinking to pass on the benefit to customers who are reeling under the immense pressure of inflation due to fuel price rise. Due to Corona lockdown, thousands of people have lost jobs or working on salaries truncated to half. They are struggling to survive with many problems like completing the education of children, sickness of family members, etc. But, the Modi government is adamant about keeping the huge benefits with itself. As the purchasing power of people has erased, how they can purchase and how demand will be generated is the million-dollar question. If ninety percent of people spends upon purchasing fuel, how they can buy other items and how the economy will take motion. Modi government should at least revoke taxes on fuels so that the rates may reduce and people may get some relief from high inflation. There is a challenge of Corona's third wave, but the more severe and hardest challenge is increasing fuel prices. Modi should sincerely think about this problem. He never talks about fuel prices as if he is not concerned with the fuels at all. But, he should remember that Indian voters forgive for to a limited extent. If they think that they are taken for granted, they will teach a lesson for anybody who underestimates them. Congress has bored the punishment through a voting machine and Modi will also not be spared from voters’ gelatine. The inflationary levels are now beyond control and, ironically, the government does not seem to do anything. The government is busy in controlling social media. The problem is not important at this juncture how to control social media. But, how to control fuel prices must be given attention by the government. It must overpower the devil of inflation.