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Tuesday, July 23, 2024
HomeOpinionDiaryRising Prices, Lower Interest Rates

Rising Prices, Lower Interest Rates

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Let’s — We the People of India – give a standing ovation and loudest applause to our Hon’ble PM & the FM for ever increasing prices of essentials and basic commodities of common man. Record achievements indeed …. isn’t it? Clap…. Clap….!!!

There seems to be no end to the ever rising prices of vegetables, fruits, pulses, etc. The ministers concerned have not been able to arrest or control the prices and make at least the basic essentials available at cheaper rates. But…our FM is always only in the mood to increase the prices of essentials. And on the other hand, reduce the interest rates to make the lives of the common man, senior citizens and the poor, miserable.

When will the PM take complete control? And, for a change take the officials concerned to task, to arrest the escalating prices?

Ever since the FM started tinkering with the tax structure…. the days have become “BURRE” & BAD, for the common man. He messed up with the tax on PF withdrawal and even today the situation is uncertain. He introduced yet another surcharge to help the farmers in line with the Swatch Bharat Abihiyaan cess. At this rate how many cess and surcharges he proposes to levy? Levy 0.5% for infrastructure development? Another 0.5% for defence & armymen welfare? And yet another 0.5% cess for provision of toilets in the villages? This is becoming endless. And burdening one & all, in the end.

As of today, apart from the prices of pulses, vegetables, fruits etc, the prices of petrol, diesel, LPG and fuel have also escalated alarmingly. No doubt these will have a chain reaction and the prices of all other commodities will go up.  In fact, even when crude prices are low, they raise taxes and excise and push up retail prices. This way, they profiteer. And what do they do with all the money?  Spend on PM’s foreign travels?

Fine! On the one hand you are increasing the prices and imposing cess, surcharge etc. But on the other hand you are reducing the interest rate on deposits etc? The interest on PPF is also to get reduced, as per the latest news. Do you know how senior citizens have been adversely affected due to the drastic reduction in the interest rates? Their monthly income (thru interest source of income alone) has come down heavily and they have been finding it difficult to lead a decent life.

For eg. A deposit in FDs say to the tune of Rs.21 Lac, & at the interest rate ranging between 8.50% & 9.60% yielded a monthly income of @Rs.16-17 K. But….as you go for renewal of these deposits today (in 2016), the interest rates applicable are between 8.10% to 7.75%. Thus the monthly income coming down by 3K.

With the monthly income going down and with the prices of essential items going up, how do you expect the senior citizens to lead a “healthy : life?

The “probation period” of the Modi Government  is over. We are  looking for result oriented actions which are invisible. Still government seems to be on  the election mood and mode. The  PM though good at times, is not in a position to do anything spectacular as he did in  Gujarat. He is losing  his vision due to the people around him, I feel. He still hasn’t  sincerely taken  the plight of common man and the poor into serious considerations and initiated remedial actions, through his ministers, to alleviate the problems of the people. The Modi government’s schemes like Digital India, Smart Cities & big talks on other schemes and so on, have had  no effect on the day to day life of common man who is suffering in all fronts whether it is rising prices or ever increasing taxes. This will have its impact on the elections due in the states and civic bodies ,  when Modi & his team will have to face the people.

Dear Hon’ble PM & FM: High time you read the pulse of the people. Just jacking up the prices and imposing cess is certainly not good economy. Think of common man and the standard of living of the people, if you really want to see “ACCHE DIN ahead.

Else ……needless to say, BJP’s “Acche Dins” are numbered !!

(The views expressed by the author in the article are his/her own.)

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