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A reasoned debate on Kingfisher's default and Mallya's continued belligerence would force the government to modernize bankruptcy laws, privatize the banking sector or at the bare minimum make the banks accountable, modern and free of government influence but the whole debate is focused around who let Mallya out and how to bring him back. Unless we can learn to focus the debate on real issues and put our energy behind solutions, we will continue to have businessmen like Mallya profit at the cost of taxpayers.
India missed the industrial revolution that creates employment for millions of low- and medium-skill workers. Instead, it moved on to become one of the emerging leaders in the service/knowledge economy where only a few with good education and high skills prosper. This reflects in India's enormous income equality gap, which is larger than all the advanced economies.