Are there any specific roles or responsibilities assigned to the states with regard to trade, business and property acquisition according to Article 298?
Yes, according to Article 298 there are specific roles or responsibilities assigned to the states with regard to trade, business and property acquisition. The executive power of each State shall extend to the carrying on of any trade or business and to the acquisition, holding and disposal of property and the making of contracts for any purpose. However, this executive power is subject in each state to legislation by the Union in cases where such trade or business or such purpose is not one with respect to which the State Legislature may make laws. In other words, if a particular area of trade, business or property acquisition falls under the jurisdiction of the central government (Parliament), then the power of the state to act in that area will be limited by whatever law Parliament has made on the matter.