I have already written a message responding to the problem. This one is the pylosophical side. Our country had an earlier economic policy of encouraging savings and iducing people to live within the means. The credit card has changed all that. Here we are almost forcing people at all levels to spend lavishly. Naturally people are finding it difficult. Giving loan to buy a house is a good welfare measure. But if we do not ensure supply, then the basic need like housing gets into a price spiral. The other day I went for a property exhibition at BKC mumbai. There are no flats less than Rs 5000 per sqft in Mumbai suburban areas as farther as Kandivli, Mulund etc etc. In 30 years of life in Mumbai I have felt really harrassed with this kind of price spirals. In 1976, In Mulund the price of flat was Rs 70/90 per sqft. Today it is 5000 persft.Close to 75 times. A one BHK will cost Rs 30 to 35 lacs. An EMI of Rs 32000. At the age of 35 every one who wants to live in Mumbai has to earn Rs 65000 a month.The net result is Jhopdas all over. The economic differences are more alarming.The difference in salary between the CEO and entry level executive was Just 5times in 1976- Today it is 20000 for an entry level executive. And ceo is at 20 lacs a month almost 100times. I do not want to say anything about the position of working class.
World over One is employed for 8hrs work. Here even young ladies of 23 years are forced under threat to work 16 hrs and beyond.
