Our (India’s) single-minded embrace of the Digital reminds me of our single-minded embrace of Socialism in the 1960s. So, we all clapped enthusiastically when banks were nationalised, minimum wages and price controls were enacted, and the state ventured into manufacturing watches (too many were seen to be smuggled) and even bread (Modern Bread). But today we look back at that period as one of wasted opportunities. Every “moderniser” among us today holds forth on how the Indian state has to step back, why nationalised banks need to be privatised, why foreign investment, either direct or through the stock market, is
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