"We need to remember, at this point, that the increase in cost of electricity was due to major devaluation of the Rupee which had an overriding impact on the capacity costs as well as cost of fuel. Despite what various financial wizards and reform pundits started saying at that stage, laying all the blame on distribution in-efficiencies, the real reason for the price hike was the policy leading to sudden and steep devaluation of Rupee,".
