Reforms for Foreign Direct Investment (FDI) in India with legacy License/Quota Raj for citizens and native industries?

Green Chillies Fruit

Chilly image credit & © Sandeep Bhalla

India has a written constitution. According to 7th Schedule of this Constitution, the power to legislate is vested in Union/Central Parliament and State legislature. List 1 specifies the matters in respect of which Union Parliament can legislate. List 2 specifies the matters in respect of which State Parliament can legislate. List 3 is a Concurrent List i.e., the Central and State  both legislatures can legislate the matters specified therein. The constitution has also created a bias in favor of Union Parliament which is reflected by Article 254 which states that if a State Legislation is in conflict with Union Legislation, the latter will prevail.

Reforms for Foreign Direct Investment (FDI) in India with legacy License/Quota Raj? What about reform for citizens and native industries? Continue reading