'All Reforms Involve Some Hard Decisions': Montek Singh Ahluwalia On Fuel Price Hikes And Economy

In an interview, former Deputy Chairman of the Planning Commission Montek Singh Ahluwalia discussed the current economic crisis, fuel price hikes, and the need for structural reforms. He stated that passing on the recent oil price increases to consumers was essential and unavoidable due to global energy shortages. Ahluwalia emphasized the necessity of transparency in pricing, noting, "I think the country should know that keeping oil prices low at this point, petroleum, doesn't make sense." He also addressed the depreciation of the rupee, calling it a necessary response to adverse market conditions and dried-up capital inflows. Furthermore, Ahluwalia highlighted the urgent need for reforms in agricultural subsidies, pointing out that pricing fertilizers at ten percent of import costs leads to unsustainable leakages to neighboring countries. He urged the government to utilize the current economic challenges as an opportunity to implement comprehensive policy changes, finalize investment protection agreements, and improve the ease of doing business by eliminating quantitative control orders.
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