70 that went to polls voted the incumbents out. The changes in the political landscape, especially in the US, could lead to another round of protectionism.
India may have to navigate its growth path amid higher tariffs as opposed to the golden time when the country grew rapidly in a liberalized and globalized world.
As such India cannot continue to underestimate its pressing issues, price rise being one of the burning ones. The Reserve Bank of India underestimated inflation for the fifth year in 2024-25 despite having acknowledged the risks from food price volatility, climate change and global price movements.
If the price trends of the past three years continue, inflation is unlikely to revert to the medium-term aim of 4% in 2025.
While rising prices are breaking the back of the poor through costlier cereals and vegetables, the well-to-do and affluent sections of society are also struggling to keep up with the rising cost of health, education and housing.
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