I recently had a couple of meetings with a senior banker. In the first meeting, during some light talk, he mentioned his support for a signature campaign for the stricter implementation of the PCPNDT act (which bans sex determination tests). In the second meeting, he mentioned how certain regulations recently imposed by the Reserve Bank of India are so oppressive that his bank can either comply with them fully or serve its customers well but not both. Presumably he does not like the regulations and wants them removed.
Both the PCPNDT act and the banking regulations are a violation of the right of individuals to freely contract with each other. The advocates of both justify them by claiming that they serve the “public good”. But recognizing this involves thinking in terms of principles. That is something that even the most successful businessmen seem incapable of. As another example, just read this piece on the budget in today’s Times of India by Narayan Murthy, the founder of Infosys. He starts off complaining about the fiscal deficit and then goes on to write that all the allocations in the budget are inadequate! Do these people ever bother to think?