Most of the revelations that are pouring out at present do not relate to very recent events but to things that were going on several years ago, precisely in the middle of the boom, during the period of greatest dynamism of the Indian economy when buoyant animal spirits characterized perceptions about material prospects amongst not just investors but almost all commentators. So in fact the period of most rapid growth turns out to have been also the period of the greatest illegality and economic skullduggery.
This is not what was supposed to happen with economic liberalization and privatisation.
In fact, we were told to expect the opposite, promised that the era of neo-liberal economic policies would end these vices, which were supposedly associated with the bad old days of the license raj and greater government regulation and direct involvement in economic activity.
Many recent analyses of such corruption have seen it as a brake on India's growth potential.
In fact, however, such graft and the "crony capitalism" that is associated with it have been an integral part of India"s recent growth trajectory.
Cartoonist: Satish Acharya