Even as political opposition to the price hike is mounting, our prime minister has been unequivocal in refusing to roll it back. I wonder how far we will go without having to take recourse to another hike. The price of crude oil has risen four times in the last six years — more than it did in the 60 years before.

Reducing our dependence on oil imports and exploring alternative sources of energy are the only way out of this crippling situation. We cannot afford to let go of the beneficial opportunity that the Indo-US nuclear agreement offers. At the same time, India and China should jointly exert pressure on oil-producing countries to produce more oil that will reduce prices in the long run.

Invisible hand

Our stock market has gone through a purple patch during the tenure of outgoing SEBI chairman M. Damodaran’s tenure. His stint has largely been successful with no scandals, but with a number of positive changes in the functioning of our stock exchanges.

In a parting shot, Damodaran hinted at the power of TV anchors to influence the country’s stock markets. Although he only asked for disclosure of interests of TV anchors, the implied influence of a third party with vested interests on our capital markets is a serious allegation. If ignored, it will severely dent the confidence of the common investor, who has traditionally looked at the stock markets as his only means of profiting from the corporate boom in the country. I hope the new SEBI chairman C.B. Bhave will deal with this issue effectively, as retaining the faith of common investors in our capital markets is important.

... contd.