Given the cascading effect of recent supply chain disruptions, which sectors make a case for import substitution?
NEW DELHI : With the global decline in commodity prices in the last few weeks, domestic inflation rates have begun to ease as well. The Wholesale Price Index for July has fallen to 13.9%, from a peak of 16.6% in May. Globally, too, inflation had reached levels not seen in decades. It was initially set off due to a boom in demand during the covid-19 pandemic. This demand spike occurred at the same time as ports across the world functioned below capacity due to lockdowns, resulting in goods being stuck at ports or on ships, and unable to be transported to meet that increased demand. The war in Ukraine, and the consequent rise in prices of oil and foodgrains, only worsened inflation.
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