New Delhi, Jan. 12 -- It has been 34 years plus since the Cold War triumph of 'capitalism' over 'communism'-or rather, of the free-market idea over the Soviet model of a centrally run economy, to put it less crudely. And as India approaches another budget, industry may want the Centre out of the way in some sectors, but is largely looking for it to lend its fiscal heft to the big wheel of output expansion.

After all, big government has plenty to its credit. India's post-covid infra stimulus has been a growth aid, a factory subsidy has unlocked a few new export avenues and policy levers are trying to raise domestic demand and supply-all amid broad macro stability.

Since retail price flare-ups pose no threat and capital is far from costly...