Oil prices have fallen to record low levels and Indian government has raised taxes keeping pump prices artificially high.
The Government should consider earmarking a portion of the carbon tax on fuel so collected on modern public transport infrastructure such as metro railways, suburban railways, electric bus rapid transit systems (eBRTS), and high-speed (350 km/hr) and semi high-speed (160/hr) upgradation of Railway infrastructure.
This can provide the Indian public with an alternative to oil imports. It will also benefit the Indian Current Account in a significant manner in the future when oil prices rebound.
Partially From my article – The economics of bullet train published by Qrius- https://qrius.com/economics-bullet-trains/