It has become a fad in news channel nowadays to talk about inflation. And people are taking it as a just another masala news. I too did not see much repercussions of inflation figures flashing every week as 'breaking news' other than the protests of opposition party in different forms like dharna , havans, etc ... but now as the time goes on, I have been observing steady rise in crimes. My cousin was robbed off his Ipod shuffle, another woman being held at point blank gun range for her gold chain, and one of the guys in our servant maid's colony killed for 200 rs! Now that's what you call the effect of inflation. People are feeling the pinch of their inability to buy basic necessities which is making them to take the paths of earning money which are rated as illegal in the books of law. I normally think about a solution to a problem but in this case, I don't really know how exactly we can change things around (In fact, if I had known, I would not have been here in Infosys).
If we refrain from spending leisurely what we earn*, we might help in reducing the demand and then supply and demand balances out a bit, which in turn checks the price rise. But then 'not spending' is like discouraging manufacturing sector and hence growth. So the point is we can not really check inflation by sacrificing on development. Inflation goes parallel with development** and we can avoid ill effects of inflation only by achieving inclusive growth, making it a point that even people at low level get the share of what growth India is getting :) .. I know its easier said than done, and one step approach towards that is education and hence generation of quality employment!.. simple?! .. nah, not at all... that's a pretty big step to achieve in Indian circumstances but somehow, I feel there is no other way out.. or is there?!
*almost every IT employee ends up getting at least around 20 k at the end of month, with not much responsibility towards family when it comes to bachelors and females (spendthrifts ;-) ), so they spend freely and there must be at least 4 lakh IT employees in India, which is quite big number.
**China's GDP growth as on March 'O8 is more than 10% YoY with Inflation 8.3% YoY! ( China's inflation in prices of vegetables during same period is 21 % !! )
If we refrain from spending leisurely what we earn*, we might help in reducing the demand and then supply and demand balances out a bit, which in turn checks the price rise. But then 'not spending' is like discouraging manufacturing sector and hence growth. So the point is we can not really check inflation by sacrificing on development. Inflation goes parallel with development** and we can avoid ill effects of inflation only by achieving inclusive growth, making it a point that even people at low level get the share of what growth India is getting :) .. I know its easier said than done, and one step approach towards that is education and hence generation of quality employment!.. simple?! .. nah, not at all... that's a pretty big step to achieve in Indian circumstances but somehow, I feel there is no other way out.. or is there?!
*almost every IT employee ends up getting at least around 20 k at the end of month, with not much responsibility towards family when it comes to bachelors and females (spendthrifts ;-) ), so they spend freely and there must be at least 4 lakh IT employees in India, which is quite big number.
**China's GDP growth as on March 'O8 is more than 10% YoY with Inflation 8.3% YoY! ( China's inflation in prices of vegetables during same period is 21 % !! )
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