India is a young nation long ruled by old laws. And its expanding economy requires forward-looking regulatory mechanisms to foster markets while curbing crony capitalism. India is also a nation that must come to grips with an ever-widening gulf between the laws on its books and the dysfunctional, partial and often corrupt manner in which they are applied. The rule of law that exists on paper does not always exist in practice. For far too long, reform of India’s legal institutions has been seen as a “second order” issue that could be addressed once critical economic reform measures were dealt with. This sequencing was shortsighted, given that the rule of law is the sine qua non not just for sustaining economic activity but also for upholding democracy itself. It is time for India to reinvest in its rule of law machinery. The situation is so dire that even modest changes will have a dramatic impact.