Just like India is the world’s largest potential market, India is also the world’s largest potential democracy. I don’t think what we have currently in India to be a true democracy. It is what I would call a cargo cult democracy. It is instructive to examine explore the two ideas of democracy and markets in the Indian context.
First, markets. One of the most important lessons mankind has learnt is that markets work. There are, however, very important pre-conditions for markets to work. When …