And for a Friday as rising inflation stuns the Developed Economies and devastates poor countries, some thoughts….. some musings…..
Who could ever imagine inflation of 8.5% in US and 7.5%in Euro zone? More concerning for the poor and developing countries, is the surge in Global food prices. Wheat has doubled in last one year from 255$/tonne to 496 $s. Maize shot up by 44%, soyabean 25% and palm oil 66%. Imagine countries still recovering from Covid devastation, their local currencies battered down, no foreign exchange to import food and the big powers are busy settling their own scores, image make overs and Ego clashes. Who cares for millions of Afghans without food or water or once prosperous Sri Lanka on verge of civil war due to food and medicines shortages. Pakistan with a begging bowl to IMF and their PM is ousted. Lesser said the better of some of the countries in Middle East, Latin America and Africa.
In this quixotic Global crisis, India stands as an island of comparative tranquility. Worlds largest Covid Vaccine Manufacturer has covered almost the entire population of 1.4 bn people with at least one dose and majority with two, booster doses now freely available, has distributed free rice, wheat and essentials to more than 800 million people, free rations ensuring not ONE Indian suffers from Hunger anywhere in the country. In some states like Tamilnadu and AP, they also give eggs and protein foods to ensure balanced nutrition. Little known fact, that last year whilst China used its reserve currency to hoard food grains and buy up from the world, India exported massive quantities of rice, 20 Mn MT +, more than 40 % of the Global market of 51 MMT, thus ensuring Rice prices fell by 19%, the only food item to fall due India’s exports. Indian support to the poor and developing countries continues. Wheat is being rushed thru negotiated safe passages in Pakistan to the hungry Afghans and humanitarian aid to Ukraine and other countries, not to mention free medicines and vaccines. Don’t worry of what the biased western media discusses about us.
India has braced itself for imported inflation due to oil and supply chain disruptions. RBI has raised interest rates. Let’s all support the fight against inflation, the equitable way, the caring way, the SEEGOS way.