Inflation: China has spoiled the budget of every house, it is difficult for Indians to manage their household expenses

[ad_1]

Many people have lost their jobs due to restrictions imposed due to the Coronavirus epidemic. He returned to his village after work stopped. At the same time, rising inflation among lockdowns is breaking the back of people. From being used in daily activities to edible oils, they have become quite expensive. The increased oil price has spoiled the food taste. The housewives are upset by this. It is also difficult for people to manage household expenses. During this period of inflation, in some way, people are engaged in living.

China spoiled the budget of every house

Due to neighboring country China, there is already tension on the border of the country. Now the budget of the house is also deteriorating due to that. Increased consumption of edible oils in China has led to a spurt in the prices of edible oils internationally, which has a direct impact on the domestic market of India and the budget of the common man has deteriorated. This is because India imports a large part of its total edible oil requirement from abroad. The rise in international consumption due to rising consumption in China has led to an increase in prices in the domestic market as well.

Inflation is at a peak in India

Prices of edible oils in Indian markets have gone up from Rs 170-180 per liter to Rs 200 per liter. This has led to the rise in the prices of things used in the kitchen as well as breakfast.

What are the consumption and import figures?

According to The Central Organization for Oil Industries and Trade, India is estimated to consume around 25 million liters of edible oil per year.

With its domestic production, India is able to meet the requirement of only 90 lakh liters out it. India relies on Argentina, Canada, Malaysia, Brazil, and other South American countries for the remaining 1.40 or 150 million liters of edible oil.

India imports 70 percent of its total edible oil requirement from abroad, for which India is paying a heavy price. In the year 1994-95, India imported only 10 percent of its total edible oil.

According to an estimate, India is spending Rs 75-80 crore per year only on the import of edible oils, which is about 2.5 percent of India's total imports.

Why is the consumption of edible oils in China suddenly increasing?

Actually, the catering of the huge Chinese population is changing. In general, boiled food was predominant in Chinese society, but the consumption of fried food is increasing there due to the increasing trend of international catering. In such a situation, China is buying oil from the international market to meet its needs, due to which the prices are going up. It may be noted that due to the change in food, the demand for edible oils has not increased not only in China but also in India.

What is the government's plan?

India produces about 30 percent of its total consumption of edible oil. The government plans that if India's edible oil production is tripled by the year 2025-30, the country can be self-sufficient in this matter. For this, along with increasing the area under cultivation of edible oils, the government is also considering increasing the use of GM seeds.

Source link
[ad_2]

source https://earn8online.com/index.php/278085/inflation-china-has-spoiled-the-budget-of-every-house-it-is-difficult-for-indians-to-manage-their-household-expenses/