Price rise a major issue for Indian economy

Price hike as the name clearly suggests is the rise in price beyond normal. If defined in a more organized way then price rise can be explained as a rise in price of something in such a level that the commodity becomes far more expensive than its original price. The effect of price rise can be seen on any commodities be it basic and necessary commodities like rice, vegetables, etc or luxury commodities like car or gold. Price rise is not after effect of a single cause rather it is a result of combined causes. Some of the reasons which lead to price rise are low productivity, population explosion, black marketing, etc and the recent inclusion in the list of causes is inflation.

economy

The price rise poses to be one of the greatest problems in today’s economy and the worst sufferer of this are the people belonging to low income and middle income groups. Their situation is much like trapped rates who know they have to continue living but have no idea how to keep up with the surrounding. With the sudden and high price hike in daily necessities it is becoming harder and harder for people to continue living by maintaining a decent living standard. The effect of price hike is evident everywhere be it food items, clothing, education or medicine. And to worsen the matter commodities like edible oil, kerosene and LPG are also added to the list of price hike. The hike in price of commodities like petrol or diesel also results in increased fare of public transportation thus accumulation more burden into the lives of common people.

Although some reasons of price rise are not in anyone’s hand and are decided by the world economy but some price rise causes can be checked to bring in solution to this ever growing crisis. Malpractice has been pointed out as one of the most concerning reason of price rise. It is practiced by almost everyone ranging from owners owning small vendor shop to the owners of the much larger corporate. The malpractices which are prevalent in the small market can be easily stopped if the buyers become more aware of their rights and responsibilities. Every buyer should investigate about the weight and price of the commodity before paying for it and also weighing scales of the local vendors needs to be checked properly as many times less materials are provided for a high price thus adding fuel to the base of price rise. There is also a growing need on keeping a check on the market price by the concerned authority. A proper procedure will ensure that the rates are justified. Another way out to keep a tab on the price rise is by forming co-operatives. They ensure that each one is paid according to the work done thus proving to be beneficial for both the parties i.e. the seller and the buyer and bringing down the cost of the materials at the same time.

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