How the failures and wrongdoings of the private sector have stymied reforms

Privatisation becomes a riskier proposition politically, and relaxing controls is seen to run the risk of private gain at public cost, writes T N Ninan

It used to be the accepted wisdom in influential circles that much of India’s public sector was blight on the economy, while the private sector served as a shining light for the future. That narrative was shaped by juxtaposing Airtel, which created value, with Bharat Sanchar Nigam Ltd, which destroyed it; by the private airlines which spurred the growth of aviation while Air India went from bad to worse; by the turnaround achieved by metal companies privatised in the Vajpayee years; and by the poster boys of the tech industry who created a story line sharply at variance with the