“Don’t Feel Guilty”, India’s Defense Minister Rajnath Singh told a gathering of BJP workers in Pune. He said that global supply chains were disrupted due to the Russia-Ukraine crisis, and import and export were affected. Stating that inflation has affected even rich countries like the United States, Singh on Friday said BJP workers should not have any “guilty conscious” about it. “There is debate going on about the rising inflation…During COVID-19 pandemic, the entire economy was at a standstill…” Global supply chains were disrupted due to the Russia-Ukraine crisis, and import and export were affected, Mr Singh said. “In this situation, it is obvious that it will have impact on any country. You will be surprised to know that in US, which is the richest country, inflation is highest in the last 40 years. At least India is better off. We should not have a guilty conscious,” he added. More here.
‘Better to quit govt than jack up prices’
Pakistan Muslim League-Nawaz Vice President Maryam Nawaz said it would be better to quit the government than to burden the people with price hike. Her party in April successfully led a no confidence move against Imran Khan’s government in the Center and Punjab, majorly on soaring prices & inflation as the issue. Maryam –the daughter of former PM Nawaz Sharif, and her cousin Hamza Shahbaz –who is the Chief Minister of Punjab, and son of PM Shahbaz Sharif, addressed a public gathering on Thursday in Sargodha. Maryam asked the crowd: “Do you know how difficult it is for a government to take difficult decisions,” adding: “It is better to leave the government instead of unleashing a storm of inflation on the people.” More here.
BBC’s take on inflation: Economics is a prisoner of geopolitics here…Today’s astronomical rise in inflation is no less shocking, even though it was predicted…there was “not a lot” the Bank (of England) could do about four-fifths of the anticipated rise, as it is being imported from globally rising prices for energy and food…So numbers of this magnitude create acute social issues. The price rises are highest for goods and services that form the largest part of the spending of the poorest. Poverty will go up, hunger will go up, homelessness will go up, destitution will go up. More here >
