Good and bad news for all the fans of Milton Friedman.
The good news is that Govt (Govt of India, GOI, to be precise) is no longer in-charge of the state of affairs (or rather, the affairs of state).
The bad news is that GOI is still relevant to business/ free-market economy.
Just when everyone - in corporates, media, urban intelligentia - had given up about the relevance of GOI in the booming liberalised economic scenario, the GOI has found a new role for itself... ...it has become the middleman for the land deals for corporates!!
The need for such a role lies in The Paradox of the Present Model of Growth and Development, viz:
In order to grow (SEZs, Express Highways, Mega-dams, Infrastructure, new ventures, etc.), the 'free-market' enterprises need to own land/ private property in convenient locations (the "convenient location" is also the reason why most projects are located on fertile land, while the wasteland remains untouched). However, if the companies have to pay the 'free-market' price for others' 'private property'/land, their projects will become financially unviable (more so, since market-forces shoot up the land prices, once a project gets announced).
And therein lies the paradox:
In order for the free-market enterprises to grow in the liberalised economy, they need to be shielded from the forces of free market!!!
GOI/State Govts provide a way out of this paradox because they have access to a legacy (competitive advantage!!?) - the Land Acquisition Act of 1894, enacted by the British - that none others have, but need its protection.
This is how this arrangement works:
Some, however, lose in bargain.... These are the "victims of development who sacifice for the larger good" of the economy.
Land Acquisition by Government
Land Grab and "Development" Fraud in India
One-Sided Law on Land Acquisition