New Delhi, Dec. 10 -- Over the past three decades, India's economy has transformed as several sectors, including aviation and insurance, were opened to private players. Both industries, along with others such as telecom and banking, are essential to India's GDP (gross domestic product) trajectory, national competitiveness, and global ambition. They touch the daily lives of millions of Indians and require deep infrastructure, robust regulation, and sustained capital to serve a rapidly expanding market.

Yet, their journeys since liberalization could not have been more different.

Aviation: A story of aspiration, but also fragility

Aviation was among the first sectors to be liberalized in the 1990s. The promise was immense: improved connec...