Financial reforms are now critically about laws
If a government which sabotaged its country's infrastructure development it would be mocked by the world and thrown out by its citizens. Yet, the government of India, which has repeatedly failed to allow its financial infrastructure to develop, has not inspired any outrage.
India should insist on reciprocity in investment access, and in other economic opportunities in the countries of origin of the SWFs, while participating in shaping an international code of conduct for them. The aim should be to retain policy autonomy and flexibility so as not to undermine India’s medium-term technological choices and growth options.