A likely government decision this week to deregulate the prices of nitrogenous fertilizers means more than just a boost for urea producers’ share prices and the government’s own ambitious fiscal deficit targets. It shows that Prime Minister Manmohan Singh is willing to push ahead with long-delayed reforms and attempt to re-establish his political authority in the face of a hostile political environment and despite his own timid political instincts. This reinforces our view (set out...
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