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35 years of liberalisation: The making of India's regulatory state

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Home / Specials / News / 35 years of liberalisation: The making of India's regulatory state

India's regulatory framework must evolve towards greater independence, transparency and accountability as markets and regulators mature

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Illustration: Binay Sinha

M S Sahoo

12 min read

Last Updated :

Oct 05 2026 | 11:41 PM

IST

India’s transition from a predominantly controlled economy to a market economy is often described in the language of liberalisation, privatisation, and globalisation. But a market economy requires more than the withdrawal of the state from resource allocation. It requires a reconfiguration of the governance edifice so that markets can function with freedom, confidence and integrity. 

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