Towards an Alternative Economic Development Framework for India: The Challenge of the Developmental State Approach

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Nikolaos Karagiannis

Abstract

Objectives: To propose an alternative economic development framework for India taking into account the country’s historical, social, cultural, institutional, and political characteristics. The main focus of this contribution is to sketch out the policy framework that might be advisable to promote an internally-propelled growth pattern and diversify the production lines of India while broadly spreading the socioeconomic gains. Method: To this end, a “developmental state argument with Indian characteristics” is proposed here as a necessary basis for the support of selected industries of high potential and achievability while leaving space for further social and political advancement. The main database consulted in this paper is World Bank (2020), India: Development Indicators 1960-2019. Findings: The blind pursuit of orthodox and neoliberal policies over the past four decades or so suggests that free market fundamentalism cannot be relied on to promote the required economic egalitarian adjustment. Therefore, using an endogenous development framework over that of globalization not only provides a better understanding but also puts forward concrete alternative policy recommendations. Novelty: The article proposes a developmental state with Indian characteristics as a realistic alternative policy framework.

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