Political Economy of Capitalist Development in India

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Capitalist Economic Development in India
Introduction
In primitive communities, the primary means of exchange was bartering. In the days of scarcity, when there was no concept of profit, folks accumulated objects more for reputation than profit. Gift and service exchanges were a common component of the trading system. The Industrial Revolution then occurred and revolutionized industrial processes. Likewise, mercantilist policies had not improved the welfare of the public. The new theory of laissez-faire was proposed to maximize the creation of public goods (Bhattacharya 318). The concept supported avoiding interference in economic matters. This paper seeks to discuss the political economy surrounding capitalist development in India.
India’s Political Economy of Capitalist Development
The laissez-faire philosophy holds that the greatest happiness for the greatest number of people will result from letting people pursue their interests without interference (Siddiqui 106). Among others, it had the support of Adam Smith, J.S. Mill, Spencer, and Sumner. They argued that the government should remove all legal barriers to trade, manufacturing, wealth exchange, and property ownership (Siddiqui 110). Numerous academics contend that class analysis is useless because of India's caste-based culture, or Marxist class analysis falls short of capturing India's particular postcolonial conditions. I argue that one must first understand the conflicting class interests to comprehend India's economy and government.
It is important to note that agrarian neoliberalism is inclusive of neoliberal capitalism. Bernstein (690) explains that new agriculture refers to producing highly valued non-traditional products for the global market. This system is different from traditional agriculture, which focused on crop and livestock production for consumption during colonialism and the immediate postcolonial period in India. The production of goods for export supported by a politically disorganized, low-paid labor force that is losing access to government subsidies is what Friedmann (68) defines as "new agriculture." Aquaculture is a significant new agricultural practice. From the perspective of a class that is concerned with the environment, the production of aquaculture, which is fueled by the global market, is examined.
This viewpoint reveals the existence of a dual "metabolic rift" where capital consumes labor and the environment much more than it produces. It also reveals the fetishism of commodities. The influence of location-specific relations of difference on more general relations of capitalist production social oppression, such as that based on age, gender, and indigenousness, as seen in India, is also made clear.
India Experiencing Neoliberal Capitalism
Why is India's economic growth so slow if it is a capitalist nation? If, as Marx hypothesized, the capitalist class relation revolutionizes the growth of productive forces, but India's level of development remains low, is it possible that India is not primarily a capitalist nation? Therefore, it is essential to theorize capitalism as a social class association in the case of India’s economic development. Marx...