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6495 2 Fair deal: Privatise, but let the wealth remain with small investors who, in turn, can create entrepreneurs with domain expertise India’s new capitalists. PTI Rajesh Ramachandran For a lapsed Marxist like me, there is no greater mea culpa than a eulogy for private capital. Wealth can be distributed only if it is created in the first place. Mammon, and not Marx, can work miracles, generate jobs, break the feudal order, trigger innovations, and usher in a new dawn of democracy and self-respect; and the proof, of course, is offered by Communist China, which had to adopt State Capitalism to pull its population out of poverty, through overall prosperity. Hence, one has to agree with Prime Minister Modi when he roots for private enterprise, as he did on Wednesday in the Rajya Sabha. But in the fog of farm fires we seem to be missing a tectonic shift in our political economy a moment of no return for the repositories of our national wealth, such as public sector banks a

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