at free-market prices. For April-January FY13, the fuel index rose 10.1% as compared to 13.9% in the same period in FY12. While a repo cut will undoubtedly stimulate consumption, its role in stimulating investment is less certain since most projects that have stalled—the value of stalled projects is up around 3 times since FY10—have done so for other reasons ranging from lack of environment clearances to even defence clearances. Apart from the functioning of the Cabinet Committee on Investments (CCI), investors will be looking to the Budget for their cues. That includes not just what the finance minister will do in terms of compressing expenditure but also what he does in terms of redressing the retrospective tax imposed by his predecessor as well as what is announced by way of the slew of transfer pricing adjustments that industry has been hit with.