Indian Vision of Political Economy

Author:Rachna Balyan

Abstract:
The development of Indian economy was based on socialist-inspired policies after independence which has rapidly changed with the liberalization of economy in the 1990s. Liberalization has been the same irrespective of which party headed the government. This was affected by changes of government and by growing uncertainty over what role planning could usefully perform in a more liberal economy. This story of the Indian economy casts light on the gradual process of economic change in a democratic polity. Politics in a democracy produce a shift from a high degree of state control directed towards self-reliant industrial development, to a policy paradigm that emphasized the economical growth. It is this shift that has accelerated economic growth in India. Democratic participation in India could be playing a silent role in making the growth story more inclusive. Make in India is an initiative launched by the Government of India to encourage national, as well as multi-national companies to manufacture their products in India that results growth in Indian economy. With the change in democratic pattern of the Indian economy, the research paper throws light on the vision of India’s political economy. It is a notion that all was not good before the ‘reforms’ and all began to change thereafter. For a fitting study, the research paper discusses the Indian economy through the perspective of political trends.

Keywords:Keywords: political economy, economic development, economic reforms, growth.

DOI:

International Journal of Trade & Commerce (Vol: 6 Issue:2)