The fourth branch

Is the Indian state too big, or too small? That seems a silly question to be asking, as the Centre struggles with a ballooning fiscal deficit; as a populist consensus takes hold of our politics, and entitlements expand massively; and as the government tightens its vice-like control over public-sector companies. The statism of the 1970s is back, bringing the stagflation of the 1970s with it, so how can the Indian state be anything but too big?

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