Emerging India is witnessing different roles being played by the Market and the State. The Market, even if a social institution, essentially represents a relationship between the buyer and the seller. The State, on the other hand, is an authority constituted by a wide spectrum of historically formed human relationships within the Society. There is an increasing realization that the Market and the State cannot replace each other. On the other hand, they have to complement each other. The State and the Market have to continue to play their roles for promoting social welfare and development through the institutional devices of competition and cooperation.