A Roller-Coaster Ride | Business & Economy

The economic philosophy that guided policymakers in the decade of the 2010s was the antithesis of the reasoning that influenced the previous decade. The Indian government's policy framework too swung from one extreme (free-market thinking) to the other (a command-and-control economy, with a bias towards socialism). Meanwhile, in the corporate world, one witnessed the bonfire of the vanities, as many old business tycoons borrowed heavily for unrestrained expansion -- and then came crashing down. In banking and finance, sterling reputations, built over decades, were ground to dust. And a new breed of entrepreneurs came into the limelight -- young engineering wizards using digital technology to disrupt old business models. With a free flow of dollars from enthusiastic venture capitalists, these newbies burnt cash and disregarded profits in a bid for scale and market dominance.

But let's first look at why the policy pendulum swung back to a controlled environment. The first decade of the millennium had showcased both the rich