The Gujarat State Petroleum Corporation (GSPC) has been a leading economic light of the Gujarat Model. It was the flagship project of an “economic resurgence” that the Narendra Modi government unleashed after his re-election as state Chief Minister in December 2002. Unbridled industrialisation cloaked the stains of the 2002 communal riots, and for this, a home-grown company became its new face. But the GSPC was not Modi’s baby, for it had existed over 20 years before being selected to be the face of the Gujarat Model. A decade and a half later, it is symbolic of that model, and everything that is wrong with the hype – as also the myth – surrounding it. The GSPC has been a misadventure, and serves as a classic case of how political grandstanding can lead to financial disaster.