The success and stumbles of IndiGo and Vodafone offer lessons on regulation and its enforcement

If all this sounds familiar, it is because we have seen versions of it before: liberalization opens the door, private enterprise rushes in, competition flourishes and then market concentration, ironically often as a result of rivalry, creates new fragilities. Markets, as I wrote earlier for Mint, need boundaries; they rarely set limits on their own. In that sense, market self-regulation is a myth propounded by oligarchies in their self-interest.