With the price of oil tumbling to new lows, some are rejoicing that falling consumer prices and low inflation will finally bring the happy days that Prime Minister Narendra Modi promised during his campaign.
For the sake of a healthier India and a safer world, however, rather than ramp up spending on cheaper fossil fuels, this may instead be the moment for a more responsible correction. Governments all over the world should seize the moment to scale back fuel subsidies that cause budgetary distortions and swell deficits. If they are clever, they may even redirect the sums earmarked for subsidy payments to promote investments in wind, solar and biomass energy.
As someone who has long argued for proactive steps to wean the country off its fossil fuel addiction, I was encouraged by the Modi government’s recent moves.