INCREASING INFLATION, you all know what inflation is, Inflation is the rate of increase in prices over a given period of time. If there is a price increase on any one thing, then I automatically increase the cost on related things. However, the prices of Petrol and Diesel have increased, this is an example of inflation. Which Petrol price in between Rs 80 to 90 and the price of diesel was Rs 70 to 80 Now Petrol is Rs 105 and Diesel is Rs 96. Input prices for businessmen will increase and transportation costs for everyone will also increase. This may result in rising in other prices too. This year’s inflation rate is 5.7%. In March, consumer price index (CPI) inflation surged to 6.95% a 17-month high, up from 6.1% in February.
From Petrol-Diesel to Food-Drink, everything is getting increasingly expensive. A common man makes a simple budget and takes many expenses for his house but due to rising inflation, the budget of the common man gets spoiled, because whatever their salary or income is, they run their household expenses on it. Due to inflation, no common man can go anywhere with his family, because everywhere inflation has made everything expensive. Be it hotels or restaurants everywhere, inflation has disturbed the budget of the common man.
highest inflation in the history, the founding of the United States in 1776, the highest year-over-year inflation rate observed was 29.78% in 1778. In the period of time since the introduction of the CPI, the highest inflation rate observed was 19.66% in 1917. Indian consumers’ preferences, priorities and values are reshaping industries. India’s retail inflation has increased to 6.95% in the month of March, the highest ever recorded since October 2020. The Government of India has officially set up a tolerance band of two percentage points, & a target of 4% for inflation for the RBI.
UNEMPLOYMENT
UNEMPLOYMENT, everyone knows what is unemployment, the individuals who are employable and actively seeking a job but are unable to find a job. The Center for Monitoring Indian Economy’s overall unemployment rate in India was 7.6% in March. In April 2021, the overall unemployment rate was 7.97% and shot up to 11.84% in May last year, and recently unemployment rate in India was 8.10% in February 2022. The problem of unemployment in our country is Large Population, Job Opportunity & Qualification Mismatch, and Lack of Hope.
Just as the Population is increasing in our country, in the same way unemployment is also increasing.
A report says that 48% of urban youth face the problem of getting a suitable job. Of the ones employed, 38% are dissatisfied. That’s Job Opportunity & Qualification Mismatch.
The government has started some schemes of unemployment.
The Indian government has started a scheme named “Atal Beemit Vyakti Kalyan Yojana”. Over 50000 people have benefitted under this scheme. Employees’ State Insurance Corporation (ESIC) is the sole runner of this scheme.
India’s unemployment rate falls to 6.57% lowest since March 2021-CMIE.
There is also the problem of unemployment in some cases in our country. The biggest reason was COVID-19, due to which many people were fired from their jobs. Due to this India’s unemployment increased. Then after the 1st wave and the 2nd wave then again, unemployment increased. COVID-19 had an effect across the country. The unemployment rate declined to 13.33% between July and September 2020 ad to 10.3% between October and December 2020. But when the second wave of Corona came, it raised the unemployment rate again. The unemployment rate in April to June quarter stood at 12.7, compared to 9.4% in the earlier January to March quarter. Our country’s Government and we want that the unemployment rate keep falling down. The Government of our country is making every effort to solve this problem.
