The all around price rise is a global phenomena now. Not only the developing nation, the developed and super developed nations like US are in the grip of this. Recent volley of of US President Mr. Bush blaming India and China for global food shortage and oil price hike, is what warrant the gravity of situation. The first time in post world war , the Wall Mart in US is rationing the rice! It is interesting to note the stuff matches the surname of secretary of states of Bush administration!
However, the accusation of Mr Bush is base less; India has no role to play in oil price hike. India`s per capita oil consumption is lowest in the world average per capita consumption. Which is 925 Kg. India`s is only 117 Kg, comparing to US`s 3429 Kg, Japan`s 2082 Kg, European nation`s 1113 Kg; India stands no way for the oil price hike. On the contrary the common American citizens are oil guzzlers and car addicts too. Off course they can afford that as their economy and standard of living is quite high. Mr, Bush allege that India`s 35 million emerging middle class population`s growing consumption is causing food shortage too.
In fact the food shortage , what is causing its price hike, is due to switch over to bio-fuel cultivation from food stuffs. Here again the developed economy have taken the lead. To curb the consumption of fossil fuel and there by turning the balance of payment position healthy; above all the bio-fuel is environment friendly, such measure is taken aggressively. The result is unfavorable with the voters since US Presidential election is ensuing. So pass the blame on India and China, since they seem to be the greatest job usurpers in US in public eyes.
The OPEC is refusing to increase the production of fuel. They too find that the oil reserve is depleting fast. Indonesia, a member of OPEC, is planning to come out , since they can nor export oil, after meeting their own consumption. Their oil reserve is about to touch the nadir. More and more edible oils are being used in automobiles , resulting the shortage and price hike of edible oils too , all over the world.
This is another period of transition for technology and economy in global scenario. The changes are emerging clear to take place gradually. In the game there are winners and losers too. In the past centuries , Europe and America had the hey days, may be now the term comes for Asian nations.