ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

A+| A| A-

Indian Economy in Transition

The New Order of Things

Taking cognisance of India's long-run economic transition in the post-planning era, it is argued that the triad of neo-liberal globalisation, global capitalism and inclusive development has come to constitute the new order of things in the Indian economy. This article explores the appearance of each, and the roles they played in reshaping the Indian economic map, and in displacing the rationale and practice of Indian state. This triad in turn has become the site of reference and departure for a novel set of contradictions-crises-resistance in contemporary India.

I have argued elsewhere that Indian economic transition encapsulates both change and no change (Chakrabarti, Dhar and Dasgupta 2015). Here, I focus only on the changes. What is new about India’s economic transition in the last 25 years? Roughly and broadly, the movement from self-reliance based on planned economy to neo-liberal globalisation, capitalism transiting from national to global, and development going inclusive are shown to be forming a novel triad—the new order of things—within which the Indian economy has been relocated. Sometimes, this triad in totality is referred to as “Development.” These components reinforce, compensate and intersect one another, forming in the process, a mutually constitutive relation through which the Indian economy not only functions, but its contradictions and crises get manifested. Finally, the Indian state got dislocated within this new order of things, both as a producer of these components and by being constituted by their effects. I will briefly examine the three components, and unpack the changing rationale and practice of the Indian state.

Neo-liberal Turn in India

Dear Reader,

To continue reading, become a subscriber.

Explore our attractive subscription offers.

Click here


To gain instant access to this article (download).

Pay INR 50.00

(Readers in India)

Pay $ 6.00

(Readers outside India)

Back to Top