India, Oct. 30 -- Regular readers of this column need not be scandalised. I have neither the intent nor the ability to venture into Jane Austen territory. The reference to her cult classic is intended to describe what I think is a muddled public and policy discourse on India's economic policy. Let us start with the most recent example.

A couple of months ago, India raised a large amount of dollars via a special scheme. It primarily tapped non-resident Indians sending dollars to India. The money, lest there be any illusions, was not an act of benign patriotism. It came because a lucrative deal in terms of return on investment was on offer. Perhaps the best risk-free opportunity available to such people. The cost, of course, will be borne ...