So you’re young, a student, and you believe the world is your oyster because India is booming and the opportunities are many. Why should you care about the economy and rising prices? There’s still time right?
Wrong. Time is short, and you should really be asking the government what they’re doing about this.
Rapidly rising prices (inflation) affects everybody. It affects your twelve your old brother when he finds he can’t afford canteen food on his weekly budget and it affects you when your mom yells at you for spending too much. Inflation eats away from your buying power, and without a simultaneously growing income, translates to fewer trips to the mall, to the movies, and to your favorite restaurant. Inflation also leads to the Rupee’s exchange rates tumbling against foreign currencies. While this may be beneficial for exports, you will have to reconsider studying abroad. If you need your daily fix of imported chocolates, these will become frightfully expensive too.
If the above two concerns do not perturb you in the slightest, you should still care about the economy, for it will creep its way in to almost every aspect of your life. The way India is being run today, with rampant corruption, spiraling prices, and a serious denting of consumer and investor confidence, many multi national corporations will think twice before bringing their money to this country. This has the effect of reducing the chances of you landing that high paying job with the company car and company house that you’ve dreamed of since you were told of India’s incredible growth.
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In the grander scheme of things, every year of slow growth because of an incompetent government means thousands of graduates going with dreams unfulfilled. Thousands more may not even get jobs in the right field or in time to support their families.
Don’t make the mistake of thinking that this will not affect you, it will, sooner than you know it. The only real foolproof measure you can take to avoid this dismal scenario is to make sure the economy does not falter. Stay informed, and make your voice heard to the incompetents in charge. Do what you can.
Know Your Vote.
For more information on how severe these inflationary pressures currently are, check out this article in the Wall Street Journal highlighting the rising food prices across India.