We live in India where people became intolerance in every small thing like, Azan, Hizab, Sikh Turban, Ban meat during Navratri and budhpurnima, demolish houses, conversion of name of a road, Hindu-Muslim Communal tension etc. No one raised a question for petrol price, gas price, cooking oil price, inflation rate, unemployment rate etc as a result the international organization criticized the economic policy. Look at the facts now:
- Happiness index: India may be one of the fastest growing economies of the world, but it is among the least happiest countries. Ahead of the UN International Day of Happiness, observed on March 20, the World Happiness Report 2022 ranked India 136 th — tenth from the bottom of the list — while Finland topped the charts for the fifth year in a row.
- Freedom of Press Index: India has fallen eight places from 142 to 150 in the 2022 World Press Freedom Index of 180 countries.The Index highlights the disastrous effects of news and information chaos – the effects of a globalised and unregulated online information space that encourages fake news and propaganda.
- Hunger Index: The Global Hunger Index launched on Thursday ranked India at 101 position out of a total 116 countries. India is also among the 31 countries where hunger has been identified as serious. India ranked 94 among 107 countries in the Global Hunger Index (GHI) released last year.India was also behind most of the neighbouring countries. Pakistan was placed at 92 rank, Nepal at 76 and Bangladesh also at 76.Current projections based on the Global Hunger Index (GHI) show that the world as a whole — and 47 countries in particular — will fail to achieve even low hunger by 2030
- Dollar Index: The Indian rupee notched an all-time low of 77.638, amid persistent foreign fund outflows, general dollar strength on the back of the prospects of Fed’s aggressive monetary tightening plans, and soaring energy prices. Oil prices impact India’s current account deficit and trade balance significantly as India imports more than 80% of its oil needs. Locally, the central bank last week raised the repo rate by 40 basis points to 4.40%, in its first change in the rate in two years and its first rate hike in nearly four years, following persistently high inflation.
- Inflation Rate: The annual inflation rate in India increased to 7.79% in April of 2022, the highest since May of 2014, and above market forecasts of 7.50%. Food inflation accelerated for the 7th straight month to 8.38%, a new high since November of 2020, with cost of oils and fats (17.28%), vegetables (15.41%) and spices (10.56%) recording the biggest rises. Additional upward pressure came from costs of transportation & communication (10.91%), health (7.21%), footwear (12.12%) and clothing (9.51%).The inflation stayed above the 2% to 6% tolerance limit of the central bank for the fourth month in a row. source: Ministry of Statistics and Programme Implementation (MOSPI)
- Unemployment Rate: The unemployment rate in India rose to 7.83 per cent in April 2022, higher than 7.60 per cent in March, monthly data published by the Center for Monitoring of Indian Economy (CMIE) showed. Overall, unemployment hurt urban areas more than the rural areas last month. Urban unemployment rose to 9.22 per cent in April in comparison to 8.28 per cent in March, while rural unemployment fell to 7.18 per cent in comparison to 7.29 per cent in March.
- Corona Death By WHO:Covid could have killed as many as 47.4 lakh people in India in 2020 and 2021, either directly due to infection or through its indirect impact, the World Health Organisation said on Thursday. The figure, disputed by India, is nearly ten times the country’s official Covid death toll of 4.81 lakh at the end of 2021.
In its report on excess deaths due to Covid, WHO said that an estimated 1.5 crore people are likely to have succumbed to the direct or indirect impact of the disease globally during the first two years of the pandemic — instead of the 54 lakh that have been recorded officially by countries separately.
Hence, we can say that international data shows the inefficiency of government policy. In future, Indian going to face lots of hardship if no economics reforms come up. Privatization of government property will inflate the price too much. Railway transport, and local privileges (like LIC, Subsidy for poor people etc) will out of reach of common people.