Business Laws and Centre-State Relations

The Constitution of India is the longest Constituion of the World. The prescription of the Constitution is detailed and minute, especially in matters like the finances of the Union and State. The Constitution also provides an elaborate framework with its schematic distribution of heads through which legislation is possible for a whole host of law to regulate various types of business.

To some, constitutional values also include values in relation to business. The Directive Principles therefore, bristle with socialist overtones, which on numerous occasions coloured judicial attitude in relation to various legislations having a strong nexus with business.

The public law in India clearly contemplates and in many cases sets out in elaborate terms the legal strategy in relation to various aspects of finance, trade, commerce and business. This is probably a good reason to study the close connections between public law notably Constitutional Law and business laws which traditionally fall within the private law sphere.

It is, therefore, important to study the division of powers between the Centre and State to understand the true nature of business laws, in the private law domain.