In politics, it is often said, it usually takes a decade to get a years work done, but sometimes one gets a decades work done in a year. Initiatives taken in Indias fight against corruption are equivalent to what would have been a decades work in normal times.
The most recent of these is the implementation of bankruptcy regulations which, for the first time, have real teeth. Since governments are often victims of regulatory capture and typically make decisions within the constraints of a five-year election cycle, these moves are bold and unprecedented. They are also controversial and risky.
Rent-seeking has long been standard practice…
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