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The increase in the cost of the goods and services is known as Price Hike or Rising Prices. This is one of the most challenging aspects of any economy. Indian economy does face a lot of such challenges, and it affects the consumers adversely. Although Indian economy is the fastest growing economy in the world, yet it is not spared from this perennial challenge. Let’s understand the causes of this price rise or price hike. There are ample of reasons which give to the rise of prices of commodities. The most basic of these challenges comes from two broad issues, namely: internal and external.
Let’s get into the internal factors which cause the rise of price in India. There are lots of internal factors which are the outcome of political and economic situations inside the country. These factors cause the rise of price in the goods and services. To list some of the major internal factors:
- Increase in Income: With the increase in the Income, the purchasing power of the population too increases and eventually, there is a rise in prices or price hikes. The purchasing power does increase the demand of goods, which shoots the price too.
- Population growth: There is always the want for more goods and services when the population grows. In this growing demand, the supply is not at par, and the price increases remarkably.
- Inadequate agricultural and industrial output: There is always the want for more, and most often the inadequate agricultural/industrial output cannot suffice to meet the demands. This gives a rise to the price of the goods. Situations like drought, or lack of agricultural/industrial output too becomes a factor.
The sudden global inflation is the determining external factor that causes price rise/hike. With the increase of the prices of certain goods rises up, the cost of export does go up simultaneously. Customers are the ones directly hit in the price hike. In order to procure any goods, thus, the customer has to pay higher price. Goods that require transportation increases the cost of transportation. When the cost of transportation increases, the goods become more expensive, giving rise to price hike.
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Price hike has got a lot of vicious effect on the consumers. At sure situation, the rich do not suffer much, but, the consumers who live on daily wage are adversely affected. It thus increases the gap between the rich and the poor. Government of the country can play a vital role in curbing the price hike.
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