Recreate their ways ? How ? by selling all the government organisations to them ?
Japaneses didn't sell their industrial complex to foreign countries they built it themselves , while you are advocating selling of Indian companies to foreign MNCs .
I am giving the view- the way general public see PSU and govt operated things:
1) The first thing they see is that Govt snatched profitable businesses from Private Companies (run by Indian entrepreneurs ) and turned them un-profitable. Banks were taken away, collieries were taken away, airlines were taken away, steel plants were taken away AND they all spectacularly turned un-profitable.
Naturally we general public don't even trust PSU/ Govt sector or have very low opinion on them.
2) Govt should have maintained the Healthcare sector (Hospitals) and Education Sector (schools & colleges). Here they privatized very fast. they privatized so fast that most people can't go to a Govt hospital or govt school anymore!
3) And in BLR, govt can't even give clean drinking water to the very people who file ITR. We buy water from "tanker mafia"
So for 70 years, same story- same result- same conclusion.
Private baniyas are slightly better. Everyone is NOT Tata. If they can import from China, they will do scredrivergiri of chinese components all day.
Govt should give better guidelines, policies and incentives to private sector (with emphasis on Indian private companies). AND Ideally, govt should have maintained the education sector and healthcare sector well. A part of defence sector should be with Govt (that's what i think, not that everything should go to private sector.. BUT that's my opinion. In PSU defence sector, no union, no strike/bandh/dharna should be there.)
If banks (both govt and private banks) are giving loans to private sector, which in turn is turning into NPA, the issue is with the banks. Unfortunately for this again, the tax paying people who file ITR do suffer the most and WILL suffer the most. Guess this is the problem of capitalism which people don't speak of here