Sir,
The Wholesale Price Index based inflation rose to the highest in the present series that begun in 2011-12 to 14.23 per cent in November 2021, simply put, it is 12 years high. The figures are even highest since April 2005 if we compare it to the older price series. All these are indicative of both the price and inflation going beyond the control of Modi government.
This should be a serious matter of concern because such a record breaking inflation on WPI has come at a time when the Indian economy has just started recovering from the devastating impact from the COVID-19 pandemic, lockdowns, and containment measures. People have little resources left with them for survival with very bad scenario in the job market. Another cause of concern is that these months are busy season of the economy and a time when new crops and vegetables come in the market in surplus. It is indeed a bad omen for the country that prices of food items and manufacturing products should reach so high with biggest inflationary pressure in the last twelve years.
It has also been revealed that WPI crude petroleum inflation was 91.74 per cent in November as against 80.57 per cent in October. Since any relief on the fuel front does not seem likely coming our way, we may well be heading towards even more difficult situations. Uncertainties due to supply chain disruptions are to remain on account of Omicron and other future variant of the COVID-19 virus.
India, therefore, is in urgent need of taking the issues of price rise and inflation to save the common people, especially the poor 60 per cent of the population who cannot even afford two square meals, what to talk about healthy food. The pandemic of malnutrition may put additional pressure on our healthcare system which is already under great strain due to the pandemic and other non-communicable diseases.
Gyan Pathak
on e-mail
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