Wealth creation happens in an economy when the right policy choices are pursued. For instance, wealth creation and economic development in several advanced economies has been guided by Adam Smith’s philosophy of the invisible hand. Despite the dalliance with socialism – four decades is but an ephemeral period in a history of millennia – India has embraced the market model that represents our traditional legacy. However, scepticism about the benefits accruing from a market economy still persists. This is not an accident as our tryst with socialism for several decades’ makes most Indians believe that Indian economic thought conflicts with an economic model relying on the invisible hand of the market economy. However, this belief is far from the truth.

In fact, our traditional economic thinking has always emphasized enabling markets and eliminating obstacles to economic activity. As far as half-a-century back, Spengler (1971) wrote that Kautily