India’s economic order is far from neo-liberal. The state, and thus politicians, have retained very substantial powers over market forces. Expectations that the Modi government would liberalise audaciously have been disappointed. Especially since mid-2019, it has used its remaining powers to intimidate corporate interests, in pursuit of its main objective: top-down control over all power centres. Thus, in crucial ways, the economic order has become less liberal (or neo-liberal) than before.
