The high Food and other soaring double digit current inflation in India has become unbearable for one and all and more so for poor and middle class people who consist the bulk of Indian population. I suggest the following remedial steps on the part of Government of India to reduce the this high inflationary impact on common people.
Supply side bottlenecks should be removed to promote real growth and employment generation.
Subsidies should be gradually eliminated and prices should be stabilized.
Non essential, non productive and non plan expenditure should be eliminated. I mean- Governments both Central and State Governments and also Public sectors should do away with wasteful expenditure.The Public Sector Enterprises should be run on profit basis and wasteful public expenditure such as substantially reducing the size of unnecessary omnibus ministries and bureaucracy should be done.
Zero Wastage at all levels should be ensured.
More Effective and quality Public Distribution system covering people with income ceiling of Rs.5,00,000/annum and Good and Cost effective Public transport etc should be provided.
Production boosting incentives should be given across all industries.
Infrastructure should be developed with cutting edge technology so that farm to fork expenditure is substantially cut down.
FDI should be encouraged with appropriate regulation.
Speculative trading in essential commodities should be totally eliminated.
Hoarding and Black Marketing and generation of black money of all hues should be completely routed out. All black money stashed in foreign tax heavens should be brought back through proper policy measures and used for Public Welfare.
Indian Income tax ceiling limit should be increased to 5,00,000 INR per annum so that poor and middle classes have more disposable income in their hands covering essential expenditure and savings as common man spends 2/3rd of his income on food alone.
High non renewable Petrol and Diesel Fuels should be replaced with more renewable and alternative fuels such as electricity and less polluting and equally effective alternate fuels to power vehicles and reduce vehicular pollution by attractively incentivizing Automobile industry. Renewable sources of energy such as solar, wind, and wastes etc should be encouraged. Although, initial investment in Solar Power which is abundant in Countries like India ( through Photo Voltaic cells) is high- in the long run- it’d prove beneficial for conservation, recycling, regeneration and cost effective.
If necessary, genetically modified food with adequate safeguards in place and certified by WHO etc should be introduced for overcoming food scarcity due to droughts and floods. Drought and flood resistant seed technology in agri based products should be developed.
Last but not the least is population control through strict implementation of family planning apart from reforms in education with a stress on high ethical values and imparting core life skills to every pupil.