India’s Development Experience: State, Market and the Quest for Inclusive Growth
DOI:
https://doi.org/10.54741/SSJAR/6.3.2026.381Keywords:
economic reforms, liberalization, state–market relations, inclusive growth, poverty reduction, globalization, development strategy, human capital, institutional reformAbstract
Since independence in 1947, India’s development trajectory has shifted from state-led planning and import substitution to market-oriented reforms and deeper global integration. The statist era established critical foundations for industrialization, food security, and institutional consolidation but was marked by modest growth and mounting macroeconomic imbalances. The economic reforms initiated in 1991 accelerated growth, strengthened external stability, and contributed to significant poverty reduction. Nevertheless, persistent structural challenges—including limited employment generation, rising inequality, regional disparities, and underinvestment in human capital—continue to constrain inclusive development. Drawing on comparative experiences from East and Southeast Asia, this paper argues that sustained high growth combined with strategic state intervention in human capital formation and institutional strengthening offers the most viable pathway toward inclusive and sustainable development within a democratic framework.
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