THE HINDU pantheon of gods has no shortage of deities with multiple arms. India’s government, with a hand in industries from energy and steel to finance and travel, would fit right in. A long infatuation with central planning transformed state-run business into a sprawling industrial empire encompassing 5% of the economy. But acquiring appendages is easier than managing them. Profits as a percentage of revenues are just over 1% at state-run companies, compared with 7-9% for the private sector. Many are a loss-making burden on the public purse—more family lead than family silver.
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