Prices are ever on the increase. A rise in prices, economists say, is a sing of development and prosperity. But during the last two decades, prices of almost all the essential commodities have been increasing at an alarming rate. These soaring prices have caused great unrest and frustration among the people. The people belonging to the middle class and the salaried people are hit hard. All the more, the soaring prices have become a big threat and an open challenge to the government. It has shaken the faith of the people in the government. There is no let-up in the situation. Life has become very hard.
Not to speak of rising prices, things of daily use are sometimes not available in the market. Big businessmen hoard things and sell these in black. Adulteration of eatables is a big health hazard. Sometimes, there is no sugar, no kerosene oil, no cooking gas, nothing. The prices of petrol, cooking gas, kerosene oil and several other items of daily use are increasing every year. Not only that, the railway fares, air fares and bus and taxi charges are also increasing regularly. The rich make a display of their wealth while the poor find it difficult to make both their ends meet. Life has lost its charm for the average bread-winner. The indiscriminate rise in prices of essential commodities has left many a people tense and helpless. No one can foresee what is in store for the common people.
There are many causes of the unprecedented rise in prices. Inflation, black marketing, hoaring, faulty credit system, over population and improper system of distribution are some of the major causes of hike in prices. The standard of living of the people has improved. People need more things than they needed earlier. The increasing demand leads to hike in prices. Sometimes, natural factors like flood and drought also contribute to rise in prices. Much food is being wasted in the parties and marriages. Production of food is not in proportion with the increase in population. Social evils also tax the common people badly. With the breaking of joint-family system, the cost of living has gone up. The purchasing power of the rupee is continuously falling.
It is now being increasingly felt that large scale corruption by some political leaders in power and some senior officers in the government is also the cause of constant rise in prices. In the recent past, several scams have come to light that involve big amount said to have ben pocketed by the big-wigs of the country without any shame or remorse. Several cases are pending in the courts. It is, however, feared that influential and moneyed people have the power to so circumvent the legal process in their favour that they go scot free. These huge amounts of black money produce a very bad effect on the economy of the country and lead to a rise in prices.
It is the duty of the government to bring down the prices of the essential commodities at least. Price line is the life line of a nation. Blackmarketeers, hoarders and profiteers must be brought to book. Family Planning programmes should be stepped up to check over-population. More fair-price shop should be opened in different localities. There should be an equitable distribution through the fair price shops. Shopkeepers should be directed to display the stock of essential commodities along with their prices. Those people who buy things in the black market should be punished. Production of food should be increased. Sincere efforts should be made to stabilize prices of essential commodities. Evils of corruption, bribery, smuggling and illegal gratification deep-rooted in the society must be rooted out.
Let us hope that the government will be able to bring down the soaring prices. What is needed is the right intention and the force of will. The government has, in recent past, taken some steps to control the prices and revamp the economy of the country. The government efforts have met a partial success and inflation has been controlled to some extent.
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Essay No. 01
Problems of Rising Prices
The problem of rising prices is the greatest economics problem in a country today. It is cutting the throats of millions today because millions of people find it hard to manage one square meal a day. All days work does not promise then sufficient to eat and drink.
Prices have doubled in the last five years and many things on daily use are now beyond the reach of common man. More and more things are going beyond the reach of common people with each passing day.
The reason is not for to seek. There is a craze for getting rich as quickly as possible. The industrialists, the manufactures and the middlemen seek the highest profits and have no soft corner for the poor consumer and purchases. Big industrial concerns have become economic empire and dictate their own terms to the common people.
The government is also to be blamed to some extent. It is constantly increasing taxes there by pushing prices astronomically. It has been resulting to deficit financing and printing currency notes by the tons. It has increased prices and the common men are praying for his needs through the nose. The rich are becoming richer and the poor are becoming poorer. This gap seems to be increasing each year.
The real answer to inflation lies in greater production and productivity. Industrial production can be increased by removing some problems like raw – material shortages, undue licensing restrictions against efficient large scale producers, and unreasonable labour problems are solved.
Prices are bound to increase in a developing economy and there can be no absolute price stability, as such. But limits should be defined. A modest increase in prices in not unhealthy for a developing economy like India.
Essay No. 2
The Problem of Rising – Prices
Problem of Rising- prices is the burning problem at present. Prices of all things have been rising very rapidly. They have gone up twenty times. Everybody complains that prices are increasing day by day. India is a developing country. In a developing country. Prices are bound to go up. With developing economy the prices go up. But the trouble starts when the income of the people does not match with rising prices. India I facing this problem.
There is no actual shortage of nay thing in the country. But there is shortage of honesty only. The businessmen create artificial shortage of foodgrains. So the prices go up day by day.
Our population is increasing very rapidly. Now our population is more than 80 crores. Food grains have not increased in proportion of increase in population.
The deficit financing in the plans is also responsible for the roaring prices. Much money is spent on some plans which do not seem to be useful producers say that there is a rise in the prices of raw materials. So there is an increase in the manufacturing cost.,
Some people say that the taxation policy is defective and needs change to bring the prices down. The government is making investments in the industries which will show the benefits after a long time. There is no proper adjustment between supply and demand. Some government officials are corrupt. They are quite indifferent towards the seriousness of the problem.
Anti Social elements like hoarders and black marketers never miss an opportunity to cash the situation. Political parties regardless of ideologies, have one common ideology- shedding crocodile tears for the pool to collect their respective votes. They take interest in blaming each other and politicizing a problem affecting every common citizen. They are not increased in solution of a problem otherwise they must be one in tackling the problem of price – rise.
The rising prices should be checked at once. The government should take drastic steps against hoarding and back- marketing . production should be increased. Distribution of national wealth should be made fair and effective. The government must take over the trade of important food grains such as wheat, rice and sugar. The circulation of back money must be controlled at all costs. The check on growing population should be brought under control. Deficit budgets should be discouraged. Sense of patriotism must be created by our leaders who should be far above corruption. Public should co- operate with the government. Our slogan must be “Down with Prices.”
If suggested steps are taken the prices will surely go down. Our government should punish the defaulters, hoarders and black marketers. In absence of any charging the maximum price in place of reasonable price to gain maximum profit.
Essay No. 03
Price rise is one of the most ticklish current problems. Whenever we go to make some purchases in the market, we learn to our great disappointment that the prices of most of the commodities have risen and sometimes quite exorbitantly.
There are several reasons for this steep rise in prices. One reason is the shortfall in production. This happens particularly when the country or a part of it is witnessed by floods or famine. Strikes result in fall in industrial production.
Sometimes, one feels baffled when one learns that there has been a bumper crop and still there is scarcity of essential commodities in the market. This usually happens due a number of reasons. One reason is the defective distribution system. Sometimes, there is over-production of some agricultural product in one State but it does not reach other States for lack of wagons, boxes, etc. It is generally seen there is surplus production of wheat in States like Punjab and Haryana but this surplus produce is not swiftly transferred to other States. Similarly, the bumper product of apples in Himachal Pradesh does not reach other States.
Another reason for the scarcity of commodities in the market even during times of profusion is the tendency of wholesalers and capitalists to hoard the products and create a scarcity in the market.
There are several other reasons for price rise. Some of such reasons are back market, corruption, faulty taxation system, wastage, expenditure on luxuries, bloated bureaucracy drawing heavy salaries, excessive profit charged by manufacturers on their products, etc.
In order to check price rise, effective steps should be taken and at the same time excessive circulation of money should also be checked. It should be ensured that imports are decreased and at the same time exports are increased.