New Delhi, May 5 -- Dennis Robertson was not only one of the finest economic minds of the 20th century, but also an elegant writer who was known for his witticisms. In an essay written in 1956, Robertson quipped: "High-brow opinion is like a hunted hare; if you stand in the same place, or nearly the same place, it can be relied upon to come round to you in a circle."

Those words resonate while reading a new report by the World Bank on industrial policy, or targeted government intervention to shape the economic structure of a country by promoting, protecting or developing specific industries deemed vital to economic growth, export competitiveness, import substitution or geopolitical strategy.

In simpler terms, the government has a say in...