The Chakravarti Committee consisted of an economist, an ex-bureaucrat and an ex-economist. So it is not surprising that its recommendations are a judicious mixture of the good, bad and indifferent. Its fundamental message, that the government should let oil product prices return to what they would in a free market untrammelled by discretionary controls, is a good one. Its idea of charging higher prices for diesel oil in cities is a bad one. In between are strewn some indifferent ideas. Raising oil prices gradually is a typical piece of official wisdom. An immediate rise would cause riots, which the government is quite incapable of curbing. It cannot even bring Jammu under control; how will it ever cope with nationwide riots? On the other hand, continuing to subsidize prices will bankrupt the oil companies and fuel inflation; even a shortsighted and improvident government must blanch at the prospect. That is why it appointed the Chakravarti Committee in the first place. It has long been the prime minister’s predilection to get advice from his chosen wise men before doing anything wise; this committee was appointed to furnish that dose of wisdom.

Official wisdom is no doubt wisdom, but not too much of it, and not too soon. This committee has recommended raising petrol prices by Rs 2.50 a month for six months and diesel prices by 75 paise a month for 24 months. But a committee only proposes; it is the prime minister who disposes. And he will not dispose without consulting the even wiser men who surround him. One will suggest raising petrol prices by 25 paise a month for five years; another will suggest raising diesel prices by Rs 2.50 a month for seven months. More wise men will have more wise suggestions. How would the prime minister choose amidst so much good advice? And what should be his time frame for doing so? In the circumstances, he may come to the conclusion, being a good economist, that it is best to economize on decision-making; he may decide to postpone raising any prices. What is the hurry after all? The government oil companies are ruined and the Central budget deficit is out of control already. Things are so bad that a little delay can do no further harm. If the government delays decision by ten months, it can relieve itself of the cumbersome duty altogether. For by then there must be an election, which is unlikely to return the present unique combination of party cocktail, prime minister and petroleum minister.

The improvident governments of the Eighties had a great time. They too postponed unpleasant decisions, until the nation went bankrupt. Then it called upon Manmohan Singh, who valiantly rescued it. He did not have a good time of it. Now he does; there is no reason he should end it unseasonably. Let someone else be the next Mr Singh.