Last Updated 28 Jan 2021

Price Hike

Category India, Microeconomics
Essay type Research
Words 399 (1 page)
Views 199

India is facing many serious problems nowadays, but the problem of price-rise is the most serious one. It is very common these days. The prices of essential commodities are going higher day by day. India is passing through a very hard time nowadays. The problem of prise-rise has become very serious. The government is unable to control the prices of necessary goods. The rise in prices is natural in a developing county like India. But when it goes out of control, it causes great difficulties for the masses. If the problem is not tackled in a proper way, it may take a serious turn. There are many causes responsible for rise in prices.

Such rise in prices might be due to natural calamities like floods, earthquakes and famine and also wars. The three wars between India and Pakistan and one between Indian and China since. 1962 have largely affected Indian economy. The other reasons of the soaring prices may be bribery, corruption, black-marketing, hoarding, smuggling, profiteering and many other anti-national and anti-social tendencies. The pressure of population growth is also one of its causes. The most important factor which is responsible for price-rise is the mentality of the people to become millionaire in a night.

High prices have very bad effect on the people. These rising prices increase the cost of living. It is deplorable that a small group of businessmen earn a lot of money by unfair means of hoarding essential goods. Owing to this tendency a vast majority of people have to suffer untold hardships. If the present position continues, the middle-class people will not be able to maintain their position in society. The government is aware of this problem. A number of measures have been taken by the government. It is also trying to increase the production of essential goods.

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The distribution of these goods has also been made fair and effective. The burden of taxes on the middle-class has been lessened. But rising prices can be checked only when the people co-operate with the government. The hoarders and the black-marketeers should be severely punished. Growth of population should be checked. Public sector should be encouraged. The government should take over the trade of essential goods. The government should find out ways and means to increase the production. There should be balance in supply and demand. Only the combined efforts of the government and the people can solve the problem

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