In Modi's 4 years, India forgot that crude is the biggest bond vigilante

India's bond market is already jittery about fiscal slippage. To that, add the inflationary impact of costlier gasoline and diesel

The 10-year U.S. bond yield breaking through the 3 percent danger level worries India, as it does every emerging market. Still, the price that sends policymakers in New Delhi and Mumbai into paroxysm isn’t that of global capital, but of a commodity: oil. 

With Brent crude flirting with $75 a barrel, the panic is already beginning to show. Crucial state polls in Karnataka are due next week and general elections are only a year away. No surprise then that the Indian government appears to have instructed state-run oil marketers who control most retail sales not to raise pump prices. 
 

The