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Privatisation, Federalism and Governance

This paper describes four features charactersing the political economy of India resulting from a serious engagement with the global economy in 1990s. It describes the convergence among major parties about the need for embracing global economic integration. This has necessitated gradual privatisation and the consequent need to regulate investment. The growing importance of private investment has produced the federal market economy, which has generated growth with inequality. Good governance in the backward states is especially critical for balanced development in the context of the federal market economy.

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