Speaking at the Institute of Rural Management, Anand, in the last week of November, RBI governor Raghuram Rajan criticised companies who have wilfully defaulted on loans to banks, saying that such borrowers should be seen as freeloaders rather than being celebrated as captains of industry. In Tavleen Singh’s December 28 column this becomes a reflection of “a hatred of private enterprise…The RBI Governor called businessmen ‘freeloaders’ contemptuously not long ago…” she writes. A convenient oversimplification?