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Where Things Are Working in India

With politics gridlocked in Delhi, state governments are taking the lead on reform.
States in India's remote northeast are lagging.

States in India's remote northeast are lagging.

Photographer: Biju Boro/AFP/Getty Images

It's only natural for investors to think of India as a whole: The sheer size and unity of its market is a large part of the country's appeal. And on those terms, there's reason to be gloomy about the prospects for sweeping, national-level reforms, which have run aground in India's gridlocked Parliament.

In reality, though, what matters most to companies are conditions in the individual states where they run their businesses. And here, when one looks at the policies being promoted by India's 29 state governments, one can discern more reason for optimism -- and a better sense of what still needs to improve.