India’s tryst with free trade: Overcoming the inherent challenges of federalism

Dar, Wasiq Abass (2020) India’s tryst with free trade: Overcoming the inherent challenges of federalism. In: World Trade and Local Public Interest Trade Liberalization and National Regulatory Sovereignty. Part of the Studies in European Economic Law and Regulation book series (SEELR, volume 19) . Springer, Cham, pp. 173-183. ISBN 9783030419202

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Federal States, generally, have an intrinsic characteristic of providing fiscal autonomy to their federating or subnational units. India, although, not a purest form of federal state, reflects a federal structure where the constituent states do, to a certain extent, enjoy financial autonomy in terms of regulating trade and commerce. As an economy, India has come a long way from being a socialist style closed economy to a predominantly liberal and globalized one. India’s tryst with free trade, primarily, started with the major economic reforms of 1991—when it adopted the mantra of liberalization, privatization, and globalization. Like many other federal states, India is not immune to the inherent challenges that a federal system encounters while engaging in trade and commerce at a multilateral level. In times when India has evolved from a closed economy to a prominent global market, identifying and overcoming the inherent challenges to free flow of trade is essential to keep a check on the possible perils of provincialism and protectionism.

Item Type: Book Section
Keywords: Free Trade | Federalism | Economy
Subjects: Social Sciences and humanities > Social Sciences > Law and Legal Studies
JGU School/Centre: Jindal Global Law School
Depositing User: Amees Mohammad
Date Deposited: 30 Mar 2022 03:58
Last Modified: 31 Mar 2022 05:57
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