IndiGo’s meltdown, telecom’s flip-flop policy history, the fragility of airport PPPs, the helplessness of education regulators—all point to one truth: India’s regulatory state is not yet strong enough to discipline the giants it has created, nor can they rein in monopolies. Until regulators regain independence, authority, and credibility, India will continue to oscillate between private excess and public helplessness. Rogue companies will be blamed, but the deeper fault will lie in a system where rules are flexible for the powerful and rigid for everyone else.
