1. "Public debates in India often reflect either an uncritical faith in market (market mania) or a blind opposition to it (market phobia). However, there is a deep complementarity between market efficiency and state action.” Comment on the

applicability of this statement with respect to the current state of the Indian economy.

Approach:

The answer should systematically highlight the role that the state and market should play in Indian economy. In the post liberalization phase, the role of state has changed to that of a regulator for the private sector and as an accountable basic service provider in the field of health, education and justice delivery system to increase the ease of doing business on the one hand and to ensure that the fruits of economic growth are distributed equitably among one and all.