Don’t look, leap

In the midst of a sharp depreciation of the rupee, the government announced a hike in petrol prices. This is perhaps the first of many steps the government must take to keep the economy from deteriorating further. Rescuing the economy requires a focus on macroeconomic policy that includes fiscal deficits and inflation. And better governance requires leadership in high ethical standards, the rule of law and a well-articulated and -implemented supportive environment for private and foreign investment.

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