Just a day after Tata group chairman Ratan Tata tweeted in defence of Prime Minister Manmohan Singh, while seeking action to restore the credibility of the government, Prime Minister’s Economic Advisory Council (PMEAC) chairman C. Rangarajan spelt out what that action could be, and called for decontrol of diesel prices and foreign investment in multi-brand retail.

“I do hope action in terms of changing prices of petroleum products, more particularly diesel, will come through as early as possible. That is extremely important,” said Dr. Rangarajan, who is a key adviser to the Prime Minister, besides Planning Commission Deputy Chairman Montek Singh Ahluwalia, ever since Dr. Singh took charge of the Finance portfolio.