Petrol, diesel prices at record highs; crosses ₹100-mark in Maharashtra
The Hindu
This is the second time this year that rates in some parts have crossed the ₹100-a litre mark
Petrol and diesel prices on Monday hit record highs across the country after rates were increased for the fifth time in a week, following which Maharashtra joined Rajasthan and Madhya Pradesh in the league of states where petrol rates breached the ₹100-a-litre mark. Petrol price was hiked by 26 paise a litre and diesel by 33 paise per litre, according to a price notification by state-owned fuel retailers. This was the fifth increase in prices since May 4, when the state-owned oil firms ended an 18-hiatus in rate revision during assembly elections in states like West Bengal.![](/newspic/picid-1269750-20250211011510.jpg)
The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.