As it entered the 1980s, India could not have been more closelyregulated, sheltered or taxed, nor the attitude of its political elites more inimical to enterprise.
It should also be said that the regulated industries, for being closely tied to politicians, are the ones the taxpayers always have to bail out when things go wrong.
And they would like to see a much more regulated system as used to be the case, particularly in Europe, where capital flows are more closely controlled and monitored.