The Hindu : Karnataka / Bangalore News : Price rise pinches savings

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Thursday, May 01, 2008
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Karnataka

Karnataka - Bangalore

Price rise pinches savings

Anil Kumar Sastry and Nagesh Prabhu

BANGALORE: The rise in prices of essential commodities has made a dent on the saving capacity of people, particularly those from the poor and the middle class.

The effect

The effect of the price rise was more pronounced on J. Srinivas, a resident of Maruthinagar, off Bapujinagar, as he is in the midst of constructing his house. A native of Jannagara in Kunigal taluk, he settled in Bangalore a decade ago and is working for a garment factory in Nayandahalli.

When asked what was the impact of spiralling prices on his life, Mr. Srinivas said he had planned to construct his house with whatever the family had saved over the years. But, the rise in the price of construction material had forced him to borrow money.

At the household front, the four members of his family are unable to make any compromise elsewhere.

“I have to send my two daughters to school as I know the plight of uneducated people. We cannot compromise on the quality and quantity of food since the children are growing,” he said.

This, Mr. Srinivas said, has affected the savings of the family, which would have been a couple of thousands a month. Fortunately, his wife works as an attendant in Bangalore Medical College, making their life a bit more comfortable.

On the other hand, Mohammed Bashir, a resident of Bapujinagar, said his family has had to cut back on food expenses. “We used to eat meat at least thrice a week; we have reduced it to just once a week,” he said.

Poor and poorer

Shahin Taj, a family member, said price rise is bound to impoverish the poor further and make the rich richer. “No political party will be able to rein in the price rise as all of them are a party to this,” she said.

Padmavatamma, who lives in this locality, said she has now got a job cleaning grocery items in kirana shops in the neighbourhood to earn that little extra for the family.

Her husband works in the construction sector and his income is barely sufficient to run the family.

She has two school-going children, she said.

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