Indian Economy was growing at a reasonable 6%-7% with petrol prices at Rs 50/- even when the crude oil prices hit USD 145/- during 2008. After 5 years, the oil prices are around USD 100/- but petrol prices in India has gone up by 20% to Rs 70/- thanks to poor foreign currency rate management by RBI. This resulted in imported inflation in a country with net imports.
Manmohan Singh and team, along with back seat driver (Congress President) made a mess of everything.
RBI Governer played a huge role - he started hiking interest rates when inflation was 9%. But the inflation continued to climb while Indian growth rate fell to 5% from 7%. http://www.financialstrategyonline.com/2013/03/discussion-on-rate-hikes-that-killed.html
I cannot help adapting a cartoon from the internet sources, which is given below
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