India: the next superpower?: the untold story of India's economy

As India looks towards further liberalisation, it must first prepare its economic institutions by re-orienting them from managing the economy to regulating the economy. Without an enhancement of regulatory capacity, increased liberalisation will simply perpetuate corruption and further inequality. By improving regulatory capacity, the state can better focus on the socio-economic aspects of governance that will be so important for India’s future. In order to better direct and manage institutional change in India, we must first look to history to understand how India’s economic infrastructure was built.