Exploring how the state of Maharashtra has fared in changing its trade-related policies as a response to economic reforms between 1991 and 2007, this study includes an examination of alterations in state-level tax policies, initiatives to attract foreign or domestic investors in the state, export promotion initiatives, and development initiatives affecting business. It also discusses the changing role of business in the state, the bureaucratic mechanism working toward implementation of policies, the role of political parties, and the role of chief minister as a leader in framing and implementing trade-related policies. Two case studies are included in the analysis: one on automobiles and the auto-components industry, and another on the pharmaceutical industry. They exhibit how all these factors have worked in Maharashtra in the growth and development of the sectors. The brief policy prescription at the end will assist policy makers, investors, and businesses alike in learning from the past.