Having just finished teaching a course for regulators from five South Asian nations, this para from Pratap Bhanu Mehta’s column on state capacity in India resonated with me. The second black hole of the state is regulatory certainty. The biggest regression over UPA 2 was that it continued to multiply regulators, while at the same time moving away from principled regulation. It got into trouble in sector after sector because it could not stick to regulatory frameworks with credibility; even in PPPs, it was amenable to arbitrary discretion. This also created openings where other institutions like courts could compound uncertainties.