This month on the 6th of July the price of domestic gas cylinders increased by Rs 50. After this increment, the price of domestic LPG cylinders went up to Rs 1053. In the past five years, the price of LPG cylinders has approximately doubled whereas the per capita income has plunged by over 20 % Apart from this the rate of Petrol in this period only has surged from Rs 63.15 to Rs 96.72.
The rate of Domestic LPG has doubled in the past five years
On July, 6th 2017 a domestic LPG cylinder weighing 14.2 KGs in Delhi would have cost Rs 564, which later went up to Rs 754, came down to Rs 637 in the year 2019, further went down to Rs 594 in but underwent a sharp spike of Rs 240 to reach at Rs 834 on the same date in 2021 and at present witnessing a spike of Rs 50 the same cylinder will cost you Rs 1053.
Decrease in the annual income of the people
The data on the annual income of the Indians revealed by the Ministry of Statistics and Program Implementation shows the fall in income of Indians amid the rising in Inflation accompanied by the outbreak of COVID-19. In earlier years that income went up but, the situation worsened in the year 2020 when the outbreak of COVID halted the entire production and the number came down to Rs 85,110. At present, there doesn’t seem to be any silver lining as the figure is still behind the pre-COVID level.
The surge in the prices of Petrol on a record-breaking level
The price of Petrol was Rs 99.86 in the year 2021 which even crossed the landmark point of Rs 100 which never happened in history in 2021 itself.
The interest on savings schemes also decreased in the past five years
The data from National Savings Institute revealed that the interest in Public Provident Fund and other five such government-sponsored schemes has decreased in the last five years
The interest on PPF was at 7.8 lowered to 7.1 in 2022
The interest rate in Sukanya Yojana at 8.3% in 2017 down to 7.6% in 2022
Post Office FD gave the interest rate of 7.6% in 2017, now a decrement of over a percent to 6.7.
Post Office RD is now at 5.8% down from 7.1%
Senior Citizen Savings Scheme had an interest rate of 8.3% in 2017 now at 7.4% after five years.