The reason why India’s landmark economic liberalisation and deregulation initiative of 1991 has not delivered double digit rates of annual economic growth it should have during two decades past, is because closet commies and bolshies within the Academy are not yet convinced that capitalism aka free markets, is the best prescription for rapid economic growth. This despite overwhelming evidence that the world’s wealthiest countries — including communist China — are free market economies.

Evidence that free markets work best is provided by the recently concluded Indian Premier League Cricket Championship. Since the highly monetised limited (20) overs championship matches began in 2008, the Board of Control of Cricket in India (BCCI) has become the world’s wealthiest cricket governing council. In the recently concluded IPL 2023, revenue aggregated a massive Rs.9,978 crore. Dozens of cricket players from obscure towns and no-hope backgrounds have been auctioned, bought and sold for crores of rupees, earning huge playing fees and transforming into millionaires. Moreover, cricket stars from the world over have lined up to participate in this tournament.

This cornucopia is in sharp contrast to the pre-new millennium era when BCCI was controlled by government. The match fees paid to our great cricket stars of yesteryear such as Vinoo Mankad and Polly Umrigar aggregated Rs.500 per test; they travelled to test match venues by second class train and lived in poky three-star hotels. Today, following the vast riches in BCCI coffers, even Ranji Trophy (inter-state tournament) and junior cricketers travel by air and are accommodated in five-star hotels, making it a win-win situation for all. Time for lefty and bolshie academics to acknowledge that free markets, aka capitalism, works.