MODI’S MUTED MELODY: THE DEAFENING SILENCE ON RISING PRICES

The Modi government's silence on price rises has been a subject of concern and debate among the public. As the cost of essential commodities continues to soar, many are questioning why the government has not addressed this issue or taken any concrete steps to alleviate the burden on the common man. The issue of price rises is significant as they directly affect the prices of essential commodities such as LPG, petrol, diesel, and food. The continuous increase in prices has put a strain on the budgets of households, making it difficult for them to afford these necessities. This has led to a decline in the standard of living for many individuals and increased financial stress for the common man. 

According to the official wholesale price index, prices rose by more than 30% on average in May 2023 compared to the same month in 2014. But that's merely the average. According to the same indicator, wheat prices are up 53%, pulses are 56% higher, fruits and vegetables are up 43%, milk is 42% higher, and eggs are 45% higher. These are broad categories of food items that people consume every day.

If you look closer, the situation becomes even more dire. For example, retail price data from the Ministry of Consumer Affairs reveals that the average monthly price of rice has increased by about 43% and that of atta (wheat flour) by over 50% over nine years (May 2014 to June 2023). Even more concerning is the state of pulses, which are the primary protein source who either don't consume meat or can't afford to do so regularly. The average monthly price of urad has increased by 62%, gram dal by 52%, and arhar (tur) dal by 83%. The poor have found milk, another protein source, to be equally unaffordable, with average monthly retail prices rising by nearly 64%. Take a look at cooking mediums, and the situation is just as bad. Groundnut oil has become nearly 57% more expensive, mustard oil is 46% more expensive, and soya oil is 60% more expensive. Even the basic vanaspati now costs roughly 70% more than it did before Prime Minister Modi assumed office. Sunflower oil and palm oil are now 41% and 49% more expensive than in May 2014, respectively. 

The increased cost of living resulting from rising prices has a ripple effect on the economy. As individuals and families spend more on necessities, they have less disposable income to contribute to other sectors of the economy, such as retail or entertainment. This decrease in consumer spending can lead to reduced business profits and potentially job losses, creating a negative impact on overall economic growth. Furthermore, inflation rates can rise as businesses pass on their increased costs to consumers, further eroding purchasing power and making it harder for individuals to make ends meet. 

The BJP government is hesitant to address the issue of reduced consumer spending and potential job losses as it can negatively impact their chances of re-election as the largest opposition party INC started to raise these questions. Additionally, there may be a fear of public backlash if the government acknowledges these economic challenges, leading them to remain silent on the matter. 

-Aditya Alia