We have been a generation which have seen severe cases of death, mostly dyeing due to lack of sufficient Oxygen in their lungs and other facing post Covid-19 symptoms, like, Heart attack and suffering from a distorted health and organs, due to the virus’s impact.
These series of lockdowns and unlocks has led to one of the biggest spam done to the general Citizens, i.e., the maniac rise in price. The brutal disruption caused by the pandemic has led to difficulties in the production and distribution of a number of essential products, which has in some cases led to shortages either because of increased demand (e.g. face masks, hand sanitizers), insufficient production (e.g. factories unable to open), or difficulties in product distribution due to confinement measures
It is a very natural phenomena for an economist, when demand for the commodity(s) increases and there’s a shortage of supply, the price rise concomitantly. This includes in public procurement where government’s urgent demand for certain products (e.g. face masks, protective gloves, ventilators, beds, medicines, intensive care material, COVID19 tests, lab supplies and hospital infrastructure) has significantly increased the tandem supply shortages.
Delhi High Court on Monday took a very strong note on the Black marketing of the Oxygen Cylinders, where the price for them saw a record high of ₹1 Lakh for one unit of cylinder. This made the issue of Corruption more prominent in the Capital region of our country. In India too, there have been reports of prices of vegetables and staples increasing by around 25% and Paracetamol by 40%. Such reports have prompted discussions around whether India should finally introduce comprehensive laws on price gouging.
CCI reported that the price of cement manufactured by a leading company had already increased from ₹390 to ₹460 in the State. Same is the case with steel products with a straight increase of ₹15 a kg! Same is the situation with fuel, like, petrol and diesel. It’s hiking on a continuous scale