India, Dec. 2 -- For a country to achieve long-term stability and sustainable prosperity of an equitable nature, it is necessary for its economy to be managed soundly. Experience in other countries has shown that if a country opts for a system driven by the market alone, the danger of monopolies emerging and the concentration of wealth causing income inequalities, labour unrest and exploitation of consumers cannot be avoided. Driven by an uncontrolled profit motive, the economy may grow, but at the cost of ignoring social costs and possible market volatility causing alarming economic swings.

On the other hand, an economy entirely centrally managed can prove to be inefficient, lacking the ability to encourage innovation to flourish and li...