The importance of the Indian government’s 25 June decision to free the prices of petrol and diesel and to raise the selling prices of kerosene (paraffin) and cooking gas (LPG) goes beyond its positive effect on India’s fiscal deficit and the increased insulation of future deficits from global oil prices. It demonstrates that the Congress Party’s increased authority after the 2009 elections is finally allowing it to push through policies over its coalition partners’ populist...
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