'Mr Modi has a huge opportunity before him.' 'Whether he grabs it the way Mrs Gandhi did in 1969 or squanders it as he did in 2014 will determine his economic legacy,' notes T C A Srinivasa-Raghavan.

Had he not been a student, admirer and follower of Amartya Sen, T C A Srinivasa-Raghavan feels it might have been a Padma Bhushan.

The financial crisis has challenged the intellectual assumptions on which previous regulatory approaches were largely built, and in particular the theory of rational and self-correcting markets.