India and the best of all the worlds

When oil marketing companies announced a hike in petrol prices by Rs7.5 per litre, two reactions were apparent: “ah, at last” and “oh no.” Optimists will say the government is moving in the right direction and that finally it has stepped in to revive a shattered economy. It may be too early to say that. From the same starting point—an increase in petrol prices—two dramatically different outcomes are possible.

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