India’s is currently in the throes of widespread inflation and unemployment and now, due to worsening supply bottlenecks and increased inflation risks as a consequence of Russia’s invasion of Ukraine, the World Bank has, once again revised down India’s gross domestic product (GDP) forecast for this year, from 8.7% to 8%.
Fuel prices are among the worst hit commodities in this regard, with petrol prices crossing the Rs 120 mark in several states and the current prices of compressed natural gas (CNG) standing at par with what was once the price of petrol.
When it comes to unemployment, estimates from the Centre for Monitoring Indian Economy (CMIE) show that the country’s unemployment rate has only seen a marginal improvement over the past few months, coming down from 8% in February to 7.5% in April.
Santosh Mehrotra, visiting professor at the University of Bath in the UK, joins The Wire‘s Yaqut Ali to discuss these issues and more.
