There is, as yet, no commonality in the financial structure of each conglomerate in India: in some the parent company is the banking company; whereas in others there is a mix of structure. For Indian conglomerates to be competitive, and for them to grow to a semblance of international size, they will need continued improvement in clarity in regulatory approach. VIII.
Concluding remarks  I have described at length the evolution of India's macroeconomic and monetary management over the last decade and a half to demonstrate the complexity of such management in the context of a developing economy that manages its opening up to the rest of the world in a gradual manner.