In the areas of competition or contestation, little needed to be done other than abolishing the Industrial Policy Resolution of 1956. On the other hand, in the area of market failure, the second-generation reforms required the creation of regulation, frameworks, especially PPP (public–private partnership) models, and changes in law. Key developments were the telecom policy initiatives of 1994 and 1999, which made the telecom sector almost entirely private in character, and the PPPs—model concession agreements (MCAs) especially for roads, ports, airports, silos and one metro project (Hyderabad). Besides the BOT format, many other formats, including annuity, hybrid annuity, unbundling and “right” bundling and marketisation, took private investments forward in areas where financial viability was low. The intellectual capital that came forth from the team led by the late Gajendra Haldea of the Planning Commission of India was instrumental in bringing private investments in areas of market failure, especially via PPPs, and through long-term relationships of the private sector with the government. Whenever the government ignored or sidestepped the tenets of sound design, the results were well below the optimal and led to vast rents to the private sector.