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Abstract

The Indian economy has been undergoing a transformation for the past several decades. The dominant discourse views this transformation as a progression toward a grand, unified, and dynamic market economy. This book critiques this discourse and illustrates the prevalence and intensification of dualism. The book also analyses the origins of this dualistic developmental pattern. Our study of the Indian rural economy and parts of the rural Global South shows that the capital-centric growth process is linked to the intensification of dualism, along with other important factors like population growth and land fragmentation. The growth mechanism produces various shocks, especially the price/cost shocks, in the short and medium run that cause dispossession of a significant portion of the population. Only a limited segment of this impoverished population can integrate into the expanding circuits of capital, owing to their skills, resources, and connections. The book also examines the effects of the COVID-19 pandemic, which severely disrupted accumulation, on this development pattern. The analysis suggests that COVID and the post-COVID situation have intensified the phenomenon of dualism. The book concludes with constructive policy recommendations for achieving inclusive growth. Our recommendations extend beyond current prescriptions that are obsessed with formal sector growth and policies associated with the extension of government support.

Short Bio

Nicolas J.A. Buchoud

Nicolas J. A. Buchoud is a global policy and urban development expert who serves as Senior Advisor to the Dean and CEO at the Asian Development Bank Institute (ADBI) in Tokyo. He is also a Senior Fellow at the Research and Information System for Developing Countries (RIS) in New Delhi, and Co-founder and President of the Grand Paris Alliance for Metropolitan Development, where he works on urban policy, sustainable infrastructure investment, and global governance initiatives. He previously served in public administration in France for over a decade, including as Senior Advisor to the President of the Paris Île-de-France Region, contributing to regional planning, metropolitan development, and urban regeneration policies. He is also the founding principal of Renaissance Urbaine, a strategic advisory firm focused on metropolitan development and sustainable investment, and contributes to international policy discussions, including think-tank and research networks linked to G20 and global urban development initiatives.

Prof. Meenakshi Rajeev

Dr Meenakshi Rajeev is currently Professor of Economics at IIT Jammu. Previously, she was the Reserve Bank of India Chair Professor at the Institute for Social and Economic Change. She has worked as a faculty /taught in University of California at San Diego, Central Michigan University, USA, Centre for Studies in Social Sciences, Kolkata, Presidency College, Kolkata. Her areas of research include game theory, banking and credit market, industrial economics, development economics. She has published more than 100 articles in reputed journals and as working papers from India and abroad. Her recent books emerging issues in economic development from Oxford University Press and Financial Access of the Urban Poor in India: A Story of Exclusion from Springer are worth mentioning. She has visited a large number of universities in USA, UK, Germany, France and Norway, including Cornel University, University of California at San Diego, Kassel University, University of Essex etc. She has graduated from IIT Kanpur in Statistics and did her Ph D in Mathematical Economics from the Indian Statistical Institute, Kolkata.

Prof. Saumya Chakrabarti

Saumya Chakrabarti is a Professor of Economics at Visva-Bharati (University), Santiniketan, India & was the Head of the Department of Economics and Politics (2020-2025). He taught at St. Xavier’s College, Kolkata (2000-2007), University of Calcutta (2015-2020), and at Presidency University, Kolkata (2015-2021). Professor Chakrabarti was a visiting fellow at Brown University, USA (2015). He was an Honorary Director of the Agro-Economic Research Centre, Santiniketan (2013-2015) and an Associate Dean (2010-12 & 2017-19). He has published in journals such as the Cambridge Journal of Economics, Review of Radical Political Economics, Economic and Labour Relations Review, Economic and Political Weekly, Indian Journal of Agricultural Economics, and Indian Journal of Labour Economics, among others. He has also written books published by Prentice Hall and Oxford University Press. He has travelled across several countries of the Global South and North and has regularly contributed to popular journals, magazines and vernacular dailies.

Dr. Manojit Bhattacharjee

Manojit Bhattacharjee is an Assistant Professor at the Mahatma Gandhi Government Arts College, Mahe. With a PhD from the Institute for Social and Economic Change, Bangalore, he has previously taught at St. Joseph's College (Autonomous), Bangalore, and Jain University. His research focuses on the household credit market, insurance, and the farm and nonfarm sectors. He has authored numerous publications in journals and edited books, including the Journal of Asian Economics, Applied Economics Perspectives and Policy, Margin: The Journal of Applied Economic Research, Economic and Political Weekly, and others.

Kostadin Kolarov

Kostadin Kolarov is a Former Member of the Economic and Social Council of the Republic of Bulgaria as representative of the National Chamber of Crafts.

He is the author of publications in the field of corporate culture and entrepreneurship. He has practical experience in business plan development, in-house training and management consulting. His consulting competences are in the field of entrepreneurial management, project management and business planning.He has been a member of the Economic and Social Council since the end of 2021.

He graduated from the UNWE with a degree in Economics and Industrial Management, PhD in Economics since 2003, Associate Professor (2009), since 2020 he is the Director of the Institute of Entrepreneurship of the UNWE and Head of the Department of Entrepreneurship at the UNWE. He has specialised in the UK, Spain and the Netherlands. He has significant experience as a researcher, trainer and consultant in the field of small business and entrepreneurship, including as a leader of research and education projects.