With the rupee plunging to a new low, measures must be taken so that the economy must not hurtle into a crisis bigger than it can safely avert. Although the prime minister has made several comments, none of that really offers a remedy to the rising prices, and the government must step in to bring them down, particularly the cost of essential commodities. It’s high time that the centre starts working towards that so that the inflationary woes do not overwhelm the common man. It is certain that the rise in prices will affect the below the poverty line people, whom the government’s various poverty alleviation programmes have hardly brought any relief. Hence, arresting the rupee slide is a primary responsibility of the state. Typically, when the economy is not in trouble, the UPA takes credit, but when prices rise it puts the blame on others, drawing attention away from its neglect of the economy.
With the last year having seen a slow growth, which may be the lowest in a decade, the gross domestic product has been less than what it should have been. With the government’s interventions having not been effective, along with persistent problems of slow growth, high inflation and deficits, where is the relief for the common man? The interest rates and an inconsistent policy have set the country back, even though the centre should have taken steps to fortify the economy from external vulnerabilities.