Times change and economies evolve. If one hangs on to policies simply because of a historical legacy, that will be an inferior response. There was an Air Corporations Act of 1953, repealed in 1994. It is unlikely anyone will want pre-1994 monopoly of Indian Airlines and Air India, simply because this was perceived to be important in 1953. Essential Commodities Act (ECA), dated 1955, is roughly of the same vintage.
That’s not quite correct, ECA’s antecedents are of an earlier vintage. It goes back to war-time shortages and Defence of India Act of 1939. When World War II was over, there was no possible justification for that particular Defence of India Act, and it was repealed. However, there was justification for government control over “essential” commodities, “essential” being defined as…