Abstract
An attempt has been made to highlight some important issues in order to examine the inclusiveness of growth during the era of neoliberalism in India. The article is an attempt to examine the changing role of State within the capitalistic economic structure: how Indian State, which as an inseparable part of international capitalism, has shifted its path from welfare or Interventionist State to laissez-faire neoliberal State. The retreat of the State causes the marketisation of health and educational facilities, which has brought these two significant social services to the market as attractive profit earning commodities. The process of commodification of these services does lead to the deterioration and inaccessibility of these facilities to the masses. The article also scrutinises the question of livelihood through the study of changing structure of employment. The distribution of population employed in various activities and change in the status of employment after the introduction of neoliberal policies are also examined. The process of casualisation and informalisation of livelihood opportunities is also studied in order to grasp the extent of relative surplus population in India. The question of absolute reserve army of labour (wholly unemployed population) examined through the study of workers who are eligible for work but unable to get any work due to jobless growth process in India. The development of an imported industrialisation process has resulted in the increase in proportion of constant capital (machines and related equipments) relative to variable (human labour) capital in manufacturing sectors. In the whole discussion on employment and unemployment, an attempt has been made to apply the Marxian conception of reserve army of labour on Indian working population in order to examine the emerging working-class structure.
Highlights
This article addresses the new institutional framework of world capitalist system named neoliberalism and its impact on various segments of Indian economy
In the first place, the State comes into action in the economic sphere in order to solve problems which are posed by the development of capitalism
The philosophers including Hobbes, Lock, Hume, Kant and Adam Smith have more or less the same idea that the role of the State should be facilitator for the achievement of private ends. Their ideas of liberalism associated with the belief that State ought to be minimal, which means that practically everything except army, police and law enforcement ought to be left to free dealing of citizens
Summary
This article addresses the new institutional framework of world capitalist system named neoliberalism and its impact on various segments of Indian economy. The laissez-faire paradigm could not operate with only an “invisible hands.” This new interventionist approach has replaced the classical liberalism and it became an accepted belief that capitalism requires significant State intervention in economic affairs to sustain the accumulation process and growth of capital. This notion gave birth to the concept of “Welfare State” accompanied by strong workers movement relatively high social welfare spending, which resulted in the rise in general wage level and employment.
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