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"Free is the most expensive word in public policy," Chief Economic Advisor (CEA) V Anantha Nageswaran said on Monday, warning that building infrastructure on the promise of below-cost services is a contradiction that ultimately ruins economic balance sheets. Addressing the CII Tamil Nadu Infrastructure Summit 2026 here, Nageswaran said the prevailing political orthodoxies surrounding utility pricing, urban development, and infrastructure financing exact a heavy toll. The CEA pointed out that pricing vital utilities like water at zero leads society to treat them as limitless, invariably resulting in waste and destruction. "The thing we call free is the thing we destroy. This is not a paradox, it is a policy choice and it can be chosen differently," he noted. He systematically debunked the notion that such underpricing acts as a social safety net. Instead, Nageswaran argued that free water effectively subsidises "comfortable" households that already possess piped connections. Meanwhi
The increase in wholesale price inflation in June to 9.87 per cent was largely driven by price pressures in items that are more sensitive to global commodity and energy costs, Parliament was informed on Monday. Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha that the government has been actively undertaking a series of measures to control inflation and mitigate its impact on consumers. These measures include augmenting buffer stocks for essential food items, strategically selling procured grains in the open market, and calibrating trade policies. As a result of the government's measures, the retail or Consumer Price Index (CPI)-based inflation rate has been below the 4 per cent target over the last two quarters -- 3.1 per cent (January-March of FY26) and 3.9 per cent (April-June FY'27). On a year-on-year basis, wholesale price index (WPI) based inflation increased from 9.68 per cent in May to 9.87 per cent in June. "The rise in WPI inflation is largely driven