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| Petrol price hike: impact on common man's life | | | Yudhvir Sethi | 6/6/2012 10:49:47 PM |
| On completion of UPA government's 3 years in power, it made a historical hike in the price of petrol and gave the country a gift, particularly to the poor & middle class. This hike is definitely going to paralyze the already-burdened people. It is nothing but adding fuel to the fire. If the government is serious about dealing with the problem of rising international crude prices, it should recover the money looted by those involved in multi-crore scams .Impact of this price hike will also have affect on our day to day expenses because inflation figure is bound to go up and with it prices of goods and services will obviously go up. Petrol hike directly or indirectly affects the major sectors like transportation ,textiles. Auto, FMCG etc, for manufacturing & transportation. This effects the prices of daily essential commodities which are transported on a daily basis. Banking sector is also expected to suffer due to high inflation level. In order to control inflation, While RBI is still battling rising inflation, it now has the tough task of managing inflation in the light of increased petrol prices. The RBI has to implement strict monetary policy that will directly affect the banks. Our expenses increases every year, be it for household purposes, branded goods or tuition fees for children, considering the price index data for last several years, a simple fixed return will not be sufficient to supercede the effect of inflation and counter the effect of price rise. In general , higher food prices had a more severe impact on poverty because poor households spend more than half of their incomes on food and only a tenth on fuel. These ups and downs push more people into poverty and worsening the situation of those already poor. This has obviously sent shock waves to the common man who is trying hard to make both ends meet in an inflationary environment. Inflation effects only the low wages or fixed salaried middle class families as compared to higher wages salaried class used to mean having a reliable job with fair pay, access to health care, a safe and stable home, the opportunity to provide a good education for one's children, including a college education, time off work for vacations and major life events, and the security of looking forward to a dignified retirement. But today this standard of living is increasingly precarious. The existing middle class is squeezed and many of those striving to attain the middle-class standard find it persistently out of remit will bring no negative impact on govt employees as their DAs will be increase accordingly. Rich and corrupted people are least bothered on it. Business class like Auto-Rickshaw drivers shall transfer the burden to common people so they are also safe. Common people if doing business shall also pass the burden to customers and chain reactions. The community that suffers the most are the
private sector employees whose salary remains fixed for a specific period, he have to wait for his next increment & the poor segment of the society can face the price hike or inflation problem as they have little resources to manage their daily affairs. The prices of pulses and edible oils have risen over 20 per cent in the last one year, the price hike of petrol could have been avoided by taking prompt economic action, the price hike could have also been averted by taking concerted efforts including reducing central taxes on oil, controlling rupee depreciation and reduction in oil companies profits. The repeated hikes in prices of petrol is an act of cruelty on the people as it will hit the income of poor and middle class in a big way which in turn would further slow down the economic growth. |
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