The illogical republic

Customs electronic delivery system rounds down to the nearest rupee; inevitably the invoices don't match and many exporters' refunds are delayed

In the mid-1980s when the Rajiv Gandhi government had begun untangling a few industrial licensing regulations, Jagdish Bhagwati received a phone call from an editor at The New York Times. The editor was puzzled by the term “broad-banding” that the economist had used in an article for the paper to describe the decision to allow factories to diversify their product mix without prior permission from bureaucrats in New Delhi. He was incredulous that any government had ever handicapped industry in this way.
 
Three decades on, looking down the long list of products on which the government reduced the goods