ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Sharing Sovreignty in India's Federal Market Economy

Iconisation of Chandrababu

The dawn of liberalisation in the early 1990s saw the gradual emergence of a federal market economy, with decision-making powers shared between the centre and states. A measure of economic sovereignty and decentralisation has now placed the onus on state chief ministers to effect economic growth in their respective states. Not only do they need to negotiate a path that avoids undue capitulation to populist pressures; to invite private investment, they must work in consonance with the centre's new role as a regulator and fiscal disciplinarian and deal with the hard-budget constraints demanded by the faceless, international credit-rating agencies.

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