In this paper we examine several dimensions of economic reform in India, in the context of the country's federal system … and of globalization, i.e., we explicitly recognize that the national government has subnational governments below it, and … concentration of FDI in India's more liberalized economy. The second group of reforms includes tax reforms, reform of center …

took place in financial regulation sector during liberalisation of its economy in 1991. Pre liberalisation India had a … intervention. It could be argued that India was a pre regulatory state before liberalisation reforms. Instead of independent … for foreign investment, and setting up of sector specific regulators – India arguably became a ‘regulatory state’. I aim …