Housemaid, Mumbai
ECONOMY: REPORT CARD
Admit It, The Water’s Around You
It has been an amazing rollercoaster ride for Indian consumers. Over the past five years, they have shopped up a storm thanks to unprecedented growth, lived with zooming inflation, and battened down the hatches when things cooled down. The last five years have definitely enhanced choice and mobility for a young workforce—but, as if to compensate, the past six months have also laid bare a dire vulnerability.
Worryingly, there’s the sobering statistic that a higher number of Indians now lives below the poverty line. So, are you better off today than in 2004? Well, as our listing and voices reveal, prices of many things we take for granted are up, while annual salary increases are a third of those five years ago. It is, for many, the morning after.
| 2004-05 | 2008-09 | |
Your spending: In The Kitchen | ||
“I don’t think this government has done anything great to improve our lives.”
“But they are better than the previous one in some ways. Like the roads are better, but only slightly so. With prices rising steeply, we wish it would try to make our basic needs affordable. What I do like about the government is that it made sure the new houses under the slum rehabilitation scheme are larger (300 sq ft), allowing a family of four to live in some comfort. It also came to our aid with a relief of Rs 5,000 when we suffered losses in the 2005 floods.”
Your spending: Healthcare
Your spending: Travel
Tapomoy Bandyopadhyay, GM, Ambuja Realty, Calcutta
| ||
Your spending: Entertainment |
Abhijit Shilotri, CEO, Yatra Exhibits, Bangalore
|
Your spending: Lifestyle
Kinkini Chakravarty, Executive, EEPC, Mumbai“Since the economy has slowed down, we will have to tighten our belts and get used to living ‘unleveraged’ lives, irrespective of which government wins power. The lifestyle of people in power didn’t change. Corruption in government was rampant, although it was led by a man of integrity.” | ||
Your spending: Keeping In Touch |
| Shahid Ahmad, Hairdresser, Delhi: “I do not expect any dole from the government.” “I just want enough to survive and support my family. The inflation also takes away whatever more I earn compared to 2004. On a day when I earn and save a bit I eat a meal of chicken, if not I survive on dry bread.” | ||
Your Resume: Careers |
Your Investments: Earnings
| Surinder Singh, Farmer, Jalandhar: “The UPA government’s policies towards farmers have helped us better our lifestyle.” “Higher minimum support price for paddy and wheat has resulted in more money in our pockets and the lot of farmers today is very good. We have acquired all basic urban comforts, like air-conditioners, colour televisions and refrigerators in the last few years. Since I have no other family liabilities except towards my own children, my farm income is sufficient to provide us a fairly good livelihood. Though everything is becoming expensive, if we continue to get a good price for our produce, farmers will have few grouses.”
|
Your Housing: Buying A Flat
| ||||
Your Borrowings: Interest Rates | ||||
Your Security: Insurance
