Azadi of the financial sector

Parts of the Indian financial sector have been liberated, and this has fuelled growth. The rest of the sector needs this now

The 75th anniversary of India’s Independence is a good time to look back and dream forward. In the field of financial economic policy, 44 of these 75 years were a period with a highly repressed financial system. As an illustration, the Capital Issues (Control) Act of 1947 was the applicable law for securities markets. Under this law, the government decided which company could raise capital in the public market using which instrument and at which time. It also decided the persons who could buy these securities and at what prices.

All across the financial system, state domination was achieved through a