When I ask this question, most people say 9-10% p.a. – just by adding about 100 basis points to the P Chidambaram’s random generated number of 8%.
This of course is just another case of innumeracy. The real number in the past 3 year is much higher. RBI and MoF are both aware of this number and hence their silence. Both RRR and his predecessor at least accepted that inflation is an important monster and we should fight it.
I did an exercise with a few friends and found that school fees, school bus charges, medicines, doc fees, etc grew at a clipping rate of 15% p.a. This means if YOUR income is not growing at ATLEAST that rate, YOU HAVE GOT POORER.
Here is an interesting article…read on
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