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May 19th, 2015
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York University
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While this decision attracted much controversy, the rationale behind it seemed to be twofold. One was to incentivize investment in exploration and production

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The government of India announced a doubling of the gas price it will pay to producers effective April 2014. While this decision attracted much controversy, the rationale behind it seemed to be twofold. One was to incentivize investment in exploration and production. The other was to minimize outflow of foreign exchange due to the import of expensive liquefied natural gas. Both these reasons are motivated by concerns about the current account deficit, which was 5% of the gross domestic product in the year ended March, much above the danger mark of 3% notched up in the crisis year of 1991.

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