Making a case for increasing prices of petroleum products and deregulating diesel prices, the Reserve Bank today said these steps are necessary to contain fiscal slippages and arrest decline in growth.
“The policy design to achieve macro-objectives hinges on deregulation and the upward adjustment of oil prices by letting the demand effects work towards diminishing fiscal and external risks,” the RBI said in its Macroeconomic and Monetary Developments in 2011-12.
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