What should be the contours of public policy for crucial sectors in the Indian context? The real debate today is about finding the right balance between market forces and government for Pareto efficiency. Stiglitz posited “that government could potentially almost always improve upon the market’s resource allocation.” In reality, besides the institutional inertia, fragmented design and action often impedes execution of rational policy. The lack of non-governmental inputs, absence of debate and systematic analysis prior to policy making results in ineffective policy formulation and action, obstructing the process of economic development. The study of public policy in commodity production (agriculture, industry), as well as tertiary sectors (services, trade and transport) is important to arrive at efficient and people friendly governance structures.