30 years later, Economic Survey lays down the ground for Liberalisation 2.0

Embracing capitalism in a new avatar

Nearly 30 years after economic liberalisation started in 1991, an official document doesn’t just praise the private sector but recommends that the government embrace capitalism in a new avatar.
 
Taking a cue from Adam Smith (who in the 18th century talked of the invisible hand of the market, in the book The Theory of Moral Sentiments), the Economic Survey bats for making the “invisible hand” take charge of the economy, to enter the next phase of rapid economic growth.
 
But while the theory says that an individual deciding what is best for him or her is ultimately best