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India’s Economic Growth since the 1980s and the Role of the State: An Alternative Perspective

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  • Saswata Guha Thakurata

Abstract

It is imperative to explore the contribution of the Indian state to the country’s impressive long-term growth performance during the free-market era, given the looming demand deficiency problem arising from this iniquitous growth process. Drawing on Marx’s idea of circuit of capital, this article investigates the various ways in which the state contributes to the process of accumulation and economic growth, especially in the context of India during the period of market-oriented reforms. Additionally, this study aims to trace the changing nature of interventions of the Indian state to ascertain the domain and extent of its withdrawal and continued presence. Furthermore, it investigates the interventions undertaken by the Indian state to sustain or cushion the growth momentum at times of economic downturn during the free-market era. JEL Classification : B51, E62, O11, P16

Suggested Citation

  • Saswata Guha Thakurata, 2024. "India’s Economic Growth since the 1980s and the Role of the State: An Alternative Perspective," Review of Radical Political Economics, Union for Radical Political Economics, vol. 56(3), pages 380-404, September.
    • Handle: RePEc:sae:reorpe:v:56:y:2024:i:3:p:380-404
    DOI: 10.1177/04866134241232492
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    References listed on IDEAS

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    More about this item

    Keywords

    free-market; Indian state; economic growth; accumulation; circuit of capital;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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