Can you imagine, what might be the value of today’s 2000 rupees in 1971? you may be amazed but the value of today’s Rs.2000 was just only Rs. 63/-
You can calculate inflation in India since 1971 using Inflation Calculator at :
Simply in layman’s terms, inflation is a rise in prices of goods and services. If a basket of goods and services cost Rs. 100 in 2013, and the same goods and services cost Rs. 104 in 2014. Then, we say inflation is 4%. Over time Inflation has a big impact on the purchasing power of your money.
The statistic shows the inflation rate in India from 2012 to 2017, with projections up until 2022. The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2017, the inflation rate in India was around 3.6 percent compared to the previous year. See figures on India’s economic growth for additional information.
Inflation is generally defined as the increase of prices of goods and services over a certain period of time, as opposed to deflation, which describes a decrease of these prices. Inflation is a significant economic indicator for a country. The inflation rate is the rate at which the general rise in the level of prices, goods and services in an economy occurs and how it affects the cost of living of those living in a particular country. It influences the interest rates paid on savings and mortgage rates but also has a bearing on levels of state pensions and benefits received. A 4 percent increase in the rate of inflation in 2011, for example, would mean an individual would need to spend 4 percent more on the goods he was purchasing than he would have done in 2010.
India’s inflation rate has been on the rise over the last decade. However, it has been decreasing slightly since 2010. India’s economy, however, has been doing quite well, with its GDP increasing steadily for years, and its national debt decreasing. The budget balance in relation to GDP is not looking too good, with the state deficit amounting to more than 9 percent of GDP.
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