There hasn’t been a better time for Prime Minister Narendra Modi to deregulate diesel prices. Oil prices are near a four-year low and two major state elections are out of the way. Reserve Bank of India Governor Raghuram Rajan has called on Modi to “seize this moment” while inflation is the lowest in three years and refiners are selling at a profit for the first time in recent memory. “There’s absolutely no reason for the government not to deregulate — it’s probably the easiest thing they can do, a low-hanging fruit,” Upasna Bhardwaj, an economist at ING Vysya Bank Ltd., a unit of the biggest Dutch financial-services company, said by phone from Mumbai. “The markets have been awaiting reforms, and there has been nothing big, so if they fail to do this it will be treated very negatively.” Steps to dismantle India’s subsidies would build […]