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Saturday, October 23, 2021

July 26, 1981, Forty Years Ago: Inflation goes up

The inflation spurt came as a result of two moves – a hike in petroleum prices which was officially describes as an “anti-inflationary measure” and the raising of the bank rate.

By: Editorial |
July 26, 2021 3:41:51 am
It’s, however, surprising that the inflation is high given the satisfactory performance of agriculture. The monsoon too has been good.

The government’s much talked about anti-inflationary package has only pushed up prices. This is borne out by the figures released on July 25 which show a record rise of 5.1 per cent in the wholesale index in the very first week after the announcement of the package. The inflation spurt came as a result of two moves – a hike in petroleum prices which was officially describes as an “anti-inflationary measure” and the raising of the bank rate. Following the moves, the wholesale price index registered an increase of 5.1 per cent – the highest weekly jump this year. It’s, however, surprising that the inflation is high given the satisfactory performance of agriculture. The monsoon too has been good.

NC-Cong reconcile

The ruling National Conference and the Congress (I) in Jammu and Kashmir are all set to patch up. The ball of reconciliation was set forth by Rajiv Gandhi who frankly admitted that PCC(I) was no match for the National Conference. The NC leaders are also happy after the Prime Minister’s visit to the Valley. Sheikh Abdullah is expected to meet Indira Gandhi at his residence on July 26. The CM has already sent his son, Farooq Abdullah, president elect of the NC, to Gulmarg where Indira Gandhi is on holiday.

Rajai wins

The fundamentalist Prime Minister Mohammad Ali Rajai scored a landslide victory in in Iran’s Presidential elections to decide the successor of Abolhassan Bani Sadr. He polled 9,585,901 votes. Rajai’s main Abbas Shabayani received only 1,92,111 votes.

Cataract drug recall

A reputed multinational company, the sole manufacturer of Diamox, a drug commonly used in the treatment of cataract is believed to have withdrawn the entire batch of the drug manufactured in November 1980. The decision was taken at the company’s head office in New York, following adverse reactions in Indian patients.

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