Yes, Manmohan Singh is a good economist but actually it is on that front that this government must be attacked. Rather than gradually raise oil prices so that the effect of inflation is kept under check these bozos got into such a false sense of security that they thought the party will never end. Hence we get this one really horrible year and if the true price of oil gets reflected petrol would be selling at about 75 rupees a litre in India which would take inflation to over 20 percent possibly 22 or 23 percent. Now let us even say that why blame poor Singh for oil prices. Japan produces almost no oil. They are almost hundred percent dependent on oil imports. India at least produces about 30 percent of its oil. But Japan imports almost all its oil. Yet inflation this year in Japan is about 1 percent. It is about 3 percent in other countries in Europe which also import quite a lot of oil. So, certainly our two "esteemed" economists Singh and Chidambaram must take some blame on this count.
