In a bid to move towards the market-based gas economy, series of measures were recently taken by the Indian government, including the approval of the Natural Gas Marketing Reforms and the launching of India’s first gas exchange. Though well-intended, these measures fail to cover the majority of gas producers, leading to lesser investments for the development of this sector. Measures need to be taken by the government to address these issues to increase demand for domestic gas and reduce import dependence.
The Economic Survey of 2019-20 argued for the need to eliminate crony capitalism in order to ensure public welfare. It suggested the promotion of pro-business policies that does not let companies and businesses form monopolies and survive even in the absence of efficiency and growth. The elimination of cronyism with strong political will is vital now more than ever as there is a high possibility of large businesses making use of their economic muscles to influence political decisions amid the coronavirus-led economic crisis.