Inflation to push lakhs into poverty: ADB study

GK NEWS NETWORK

Srinagar, May 1: A recent Asian Development Bank study has reported that rising food and fuel prices could hurt growth in India and push millions in the country into extreme poverty.
 The study said a 10 per cent increase in food prices could push about 30 million Indians below the poverty line۔
 The study has been titled as 'Global Food Price Inflation and Developing Asia.'
 According to estimates even as Asia, which is home to 3.3 billion people, has grown much fast in recent years. The region has nearly 2 billion people living on less than $2 a day with a considerable portion living in India.
 Curiously, the rising inflation has become a big concern for the government. As per reports annual inflation in food articles in India rose to 22.9 per cent in June 2010' However, with some fiscal maneuvering by the central government and monetary measures by Reserve Bank of India the inflation was brought down to 9.47 per cent in March this year. Nonetheless, the domestic food inflation in Asia averaged at about 10 per cent in the first two months of 2011.
 Meanwhile, the ADB has advised countries to strengthen social safety nets and refrain from export bans on food items.

Lastupdate on : Sun, 1 May 2011 21:30:00 Makkah time
Lastupdate on : Sun, 1 May 2011 18:30:00 GMT
Lastupdate on : Mon, 2 May 2011 00:00:00 IST



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