But what is that extra portion? Gandhiji wrote in Harijan: “Under my plan of trusteeship, people get not only the use of the capitalists’ wealth but their talent, ability, and know-how also. It is an even bigger revolution. We must not underrate the business talent and know-how which the owning class have acquired through generations of experience and specialisation. So long as we have not got the power, conversion is our weapon by necessity. But after we get power, I maintain that conversion would have to be our weapon of choice. Conversion must precede legislation. Legislation without conversion remains a dead letter.” We now have power. We need to convert the capitalists into trustees. Perhaps the PM’s statement was a weak attempt. Will corporate India join the debate? Let them revisit their history. G.D. Birla was attracted to the idea of trusteeship. Jamanlal Bajaj came near. What about their legatees?

The writer is senior fellow, CSDS, Delhi