RISE OF INFLATION

Inflation means the reduction in the worth of the currency of a Nation in simple words if something costs 100 Rs per unit. But if the Nation goes through inflation of 10% then after the inflation the cost of the commodity is 110 Rs per unit. In April 2022 the inflation rate of India was 6.30% for the quarter.

As the Goal of India is to achieve 5 trillion USD by 2030, which was announced in the year 2019 by the P.M of India but due to the COVID pandemic the economy of India was stuck, but as the inflation of the currency in India has been raising as in January 2022 the inflation rate was 6.1% annually and it also raised as in April the inflation 6.30% quarterly.

To achieve the goal of 5 trillion USD economies the government is now focused on the local business which is also called small and medium industries and issues various policies that support the small and medium industries like creating an MSME portal and providing resources so that the Nation can be financially independent by which the when that happens the inflation rate increases as well.