India, Dec. 15 -- India is rapidly moving from a mixed economy towards a free-market model. It is worth asking whether a developing country like India should allow all sectors-including education and health-to be governed entirely by market forces. The current shift requires healthy competition among multiple players, which generally results in innovation, efficiency, consumer choice and lower prices.

In contrast, monopoly-where a single entity controls a market-results in higher prices, reduced innovation, lower quality and barriers to entry for new businesses. That is why many modern economies employ regulatory bodies to prevent monopolies and ensure fair competition, while retaining the advantages of a free-market system.

The unprece...