Fuel price hike right move, oil firms can't absorb loss for long period: Ashok Lahiri

In an exclusive interview with India Today, Dr Ashok Lahiri, the newly appointed Vice-Chairman of NITI Aayog, discussed the recent fuel price hikes, the state of the Indian economy, and the impact of global events like the West Asia conflict. He defended the government's decision to increase fuel prices, stating, "The oil price rise, I think it's a right move, because the oil marketing companies cannot absorb this loss for a long period." He explained that subsidizing oil would require cutting essential budgets like health and education. Addressing concerns about inflation and foreign investment outflows, Dr. Lahiri noted that the economy remains stable, highlighting that "India is still growing at six percent." He advised against panicking over the Strait of Hormuz crisis, predicting that international oil prices will eventually decline. When questioned about political parties offering freebies during elections, he remarked that such policies reflect popular will, adding, "Good politics is what gets you the votes." Dr. Lahiri also recommended accelerating the ease of doing business to attract foreign investment once global uncertainties subside.