When Arvind Kejriwal addressed Indian industry in CII recently, the air was palpable with anxiety. Was he a belligerent anarchist with leftist leanings spewing venom against 'Big Business'? Was it a mere vote-bank gimmick? He spoke plainly. He did not use jargon of economics or jugglery of words to explain how he would fix fiscal and current account deficit, and expand on his views of monetary policy, nor paint his grand vision for ushering in economic prosperity under AAP rule. He was lucid and direct. He spoke in a language the aam aadmi could grasp.This is what Kejriwal said: “We are not against business, we are against crony capitalists. We will go after them. We need a vibrant private sector but we will prevent private sector cartelisation. We must make it easy for entrepreneurs to set up new businesses without the necessity to run behind babus and politicians in supplication offering speed money. Cost of doing business will come down if corruption is removed which translates to lower costs to customers. Corruption is the root cause of inflation.” And lastly: ”Government has no business to be in business.”Now who can argue with that? How can one not applaud this simple agenda for economic growth? This was music to the ears to the new breed of entrepreneurs across the country. But the captains of industry expected more. They were not sure where he stood on many issues. They were disappointed that he did not go beyond the 'corruption agenda'.Earlier this week, Narendra Modi made a pitch to business. Modi, in contrast, showed a clear sense of purpose and clarity of mind on his vision for inclusive economic growth. The Gujarat chief minister has a reputation of being a decisive leader. Big Business naturally loves him.Yet, Modi was not clear about FDI, perhaps with an eye on the BJP’s traditional support base of small traders. Modi has an image of personal integrity in matters of finance, but he has not shown an eagerness to bring about institutional changes and autonomy to investigating agencies which are necessary to fight corruption in the government and outside. You cannot bring about far-reaching changes down to the grassroots with one's personal integrity and charisma. You need effective governance and systems and accountability in place by reforming institutions.Modi faces another problem: he is perceived to be close to a few business tycoons with unsavoury reputation. Though he has not answered Kejriwal's specific charges against two business houses, he has not spelt out how he will bring about reforms to eliminate crony capitalism and the nexus between politicians, bureaucrats and big business who hand in glove have usurped for themselves precious critical resources of the country.How does Modi intend to cleanse the Augean stables? He seems to forget this was rampant not only at the Centre under UPA2 but also in Karnataka under BJP rule, which ensured an ignominious exit to it.It must be granted to Modi that he spoke on a few things that inspired confidence. He said he will guarantee 24x7 power. He will bring back primacy to building good high ways which was initiated by Vajpayee. He articulated well on skill development, manufacturing, agriculture production. Being a Gujarati, he probably has a good sense on the ecosystem one needs to create for growth of business. He knows instinctively that bureaucracy can stifle and kill growth of business.Stories of Modi’s ability to clear hurdles for big industries to set up and go on steam on time are legion. He has to now reveal his plans how he will be able to achieve the same for small businesses and young entrepreneurs on a national scale.Yet, there lies a crucial difference in the economic vision of Kejriwal and Modi. Kejriwal must understand that removing corruption alone is not a panacea to all our ills. No one wants a corruption-free poor India. We need a corruption free strong India in the widest sense of that word. We need sound economic policies accompanied by administrative and other reforms to bring in autonomy to various institutions to bring about a just and equitable society.AAP has ambitions to become a national party. Kejriwal is being projected by the party as a candidate for prime minister. Yet, his party's economic policy remains hazy. Kejriwal seems to have lost a good opportunity. Besides the anti-corruption agenda, the country would be curious about his stand on FDI, subsidies, energy security and the like.A team in AAP is working on an economic policy. People would like to know from Kejriwal how will he create jobs for the teeming millions who are coming out of schools and colleges seeking jobs. To create jobs, we need economic growth at 8-10% a year across sectors and across regions. And jobs can be created only by the private sector.While the expectations from Kejriwal are huge, there's also increasing concern that he is silent on all these issues.That said, Modi cannot turn a blind eye to Kejriwal’s accusations against Big Business. So he must respond what are his concrete plans in administrative reforms to bring about transparency, honesty and accountability in government in eliminating 'crony capitalism' and unholy nexus between politicians, bureaucrats and big business.Modi cannot be silent and evasive on these ills nor can Kejriwal on his vision of economic policy. The country is watching and they owe an answer.