Well news just in..
India’s rate of inflation has a reached a 13 Year high… As per reports from The Ministry of Finance, the Wholesale Price Index(supposedly the most watched inflation benchmark…. D’oh) “inched up” to 12.01% as per the Yahoo India News—> Read Here…. I must say, a poor selection of words indeed…..The use of words like “inching” can be used to describe only the “classy” batting performance of V.V.S. Laxman in an ODI International…. 😉
Well, the report goes on to say that exactly a year ago, the inflation rate stood at 4.7%…. at that time, India was “shining” and going excellently well posting almost double digit growth and nothing could supposedly affect us…. Indeed, we Indians are notorious for brushing things under the rug until a problem is insurmountable and then end up blaming the entire world except ourselves… 😀 ….
Well the usual suspects for the blame game are already up:
- The Oil Prices shooting through the roof.
- Heavy Monsoons…(And I was thinking that we had lesser-than-normal rains… Silly ol’ me)..
- Etc etc…….
Since the Ministry of Finance did not have much time preparing its list of excuses(For the unaware, ruling UPA government was really busy ensuring that it won the trust vote in the Parliament), I will add a few more
- The terrorism…(Don’t ask me how, but it always features in all the lists)..
- One link no one will have seen is the 08/08/2008 link… In case, you are wondering how, here’s my conspiracy theory. Not many people know that 8 is considered a lucky number in Chinese culture… in all probability, the Chinese must have jinxed our economy, as we are the only viable threat left to them 😛
All said and done, the slowdown was to be expected. When an economy expands at the rate we did, the resources are often stretched to its limits and are at the verge of splitting at the seams. Here the term used in financial circles is “correction”… Hmm…
So i guess the prognosis from the FM, in all probability will be to wait and weather the storm…. All those poor souls who have bought real estate in the recent past have had to take a double blow. First, the real estate rates have gone come drastically. Secondly, the Interest Rates have gone up.. meaning they will either have to pay higher EMI (Equal Monthly Instalments) or pay for the present EMI for a longer period.
Well, all in all, things look bleak for sometime now…. And in case, you are planning to fly out (either for a holiday to de-stress, or to emigrate), think again… The flight tickets have also become exorbitantly expensive. 😮 …..