India under Jawaharlal Nehru was a socialist economy and we were hearing business magazines and capital market advocates blaming the socialist policies of Nehruvian era for all the ills plaguing the nation. It took a lot of courage from late PVNarasimha Rao to unshakle the economy from Government control wheras all the credit for free market economy was given to the erstwhile bureaucrat and a staunch beliver in Nehruvian ideology, our beloved PM Dr.Manmohan Singh. Those days, we had such offices as Controller of Capital issues who had a set of guideines for a premium share issue that they sanctioned only Rs.2 as a premium for a proposed IPO by Infosys. Companies Act had provisions limiting managerial remuneration which experts felt stifles talent. Companies invented posts like President and Vice President to circumvent this provision so that their executives are paid well. Today, Mukesh Ambani takes home Rs.36 crores as his remuneration . Dhirubhai Ambani took far less as remuneration but still is considered to be streets ahead of his sons. This proves it is not managerial remuneration that matters in performance. Narayanamurthi proposed in his Corporate governance that independent directors also need to be paid through membership fees to various committes, which only inflated the Company's expenses while the performance of indepedent directors went from bad to worse as Satyam saga will testify. 

Capitalist US has now sought to limit Managerial remuneration and executive perks atleast  for those who had been bailed out by Federal money. The strong advocate of private enterprises, Dr.Montek SinghAhuluwalia admitted that after all western models of economic policies may not work for us. 

Now tell me who said Socialism is dead?