Fuel Price Hike : A Farsighted Economic Reform

Fuel Price Hike : A Farsighted Economic Reform

The economy of India is changing and the economic news in India is focusing on this new evolution towards decontrol in prices. The recent increase in the price of fuel that led to a hike in petrol, diesel, LPG and kerosene prices is a part of this process. The petrol price increased by Rs 3.50 a litre, diesel by Rs 2 a litre, domestic LPG by Rs 35 per cylinder and even kerosene by Rs 3 a litre. Headlines of newspapers, news channels and news portals are all debating about the pros and cons of this price increase. There is a shift from the populist ideology that has till now been strongly influencing Indian economic policies. So has the common man become more elite' or has the definition of the common' man changed? Is the common man ready for this decontrol or does India still needs to protect him from the freeing of prices? According to Dr Manmohan Singh there is no need for excessive populism' and though the common man may face some burden, he says it is manageable. This move is necessary and a step in the right direction for the economic progress of India. Despite several protests against it, it is a much needed policy that is far-sightedness. The hike in the prices was necessary because of the rising gulf between the cost of production and the retail prices. It would have been difficult to sustain any economic growth without bringing about this change. This straying away from the populist policy should not be thought of as a tilt towards the elite, but it is finally something that is going to benefit the common man. This movement towards a new economy that believes in decontrolling prices and freeing them eventually is an important economic reform, one that will lead us towards a new tomorrow. Reflection on the long term benefits, rather than the short term difficulties, is the need of the day. An open economic perspective, an understanding of the direction towards the country needs to move is the what we need to focus on. So let's not look at this price hike with a jaundiced populist eye but see it as an important economic reform.

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