In an exclusive interview with India Today, former Planning Commission chairperson & veteran economist Montek Singh Ahluwalia backed the recent fuel price hikes but warned that India faces a serious economic challenge amid rising global oil prices and rupee weakness. Ahluwalia called for urgent reforms, greater transparency, investor confidence measures, and a rethink on subsidies, GST, privatization and ease of doing business. Drawing parallels with the 1991 economic crisis, he said the current global energy turmoil should be used as an opportunity for bold reforms rather than denial. He also cautioned against ignoring criticism and stressed that India must act quickly to tackle growing fiscal and investment concerns.