Layman’s Idea to Fight Inflation

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The nation is struggling with high prices and the common man is suffering beyond limits. The depreciating value of Rupee has added to the problems and the government has been forced to increase the price of petrol which once again will add to the price rise. One does not know as to how much more s/he will have to pay for a kilo of potato or onion – the very basic necessity, in the subzi mandi when the visit is made next day. The experiments and the solutions being offered by the experts, who are all specially trained for the purpose, with degrees from the best international institutes, are yet to offer some solutions which can ease the situation. From months or from years now we are seeing an endless inflationary pressure mounting. As a layman I want to offer some solutions – for what ever its worth. May be, the common man’s idea can work, not necessarily mine. The first of these is that the salaries of persons in the very high bracket, say those getting in five figures, should be sacrificed a little. If one has less it will give a lesson of spending judiciously and will surely lead to reduction in the cost of any product. Examples can be cited of say the consumer goods or the oil companies where the salary of seniors is astronomical. And why only two such examples? This will be a universal truth. In fact we keep on increasing the salary to fight inflation, which ultimately results in more inflation. Some day we will have to take difficult, unpopular decisions. Our cost of any product, in totality, will have to be cut to sell it cheaper. The second idea would be to provide social security to every citizen resulting in less corruption and reduction in costs will therefore arise. If a person is provided the guarantee that in the difficult days, when s/he is ill or does not have money for basic needs, the country will provide the bare minimum, I feel that with this effort corruption can come down considerably. Today one is tempted to secure oneself, even if unfair means are to be used. And, once again, this will result in reduction of cost of every product. Stop unnecessary expenditure, would be my third idea. In one’s household or in the business – big or small, in the private or the public sector, if we can stop wastage of the precious available funds this would necessarily result in declining cost of any product leading to easing on the inflation front. Recent example of concerns expressed by even senior cabinet ministers is the case of oil companies. If the cost of administration here can be brought down the prices of petroleum products can dive south and give the much needed relief to the common person. The fourth suggestion and the last one for the time being, is to acquire all the money of various scams and put this in the national kitty and reduce the taxes – be it the service tax, be it the excise duty or the import duty – or others. This will also reduce the cost of products and therefore sell cheaper. Some may say that the ideas given are not for development – and our GDP will not increase with such measures – we should think of progressive ideas to bring the GDP in double figures and everything would be on right track. However, I do not agree with this school of thought. In a nation like ours it is the common person’s cost of living which really matters not the GDP figures.