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The Rise of Digital Financialisation: The Case of India

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  • Sudeep Jain
  • Daniela Gabor

Abstract

Traditional notions of financialisation require updating to study the reorganisation of finance around digital infrastructures. We introduce the concept of digital financialisation, defined as the often-coerced merging of two hitherto separate aspects of citizens’ lives – interactions using digital technologies and financial transactions – into a new hybrid realm. This realm is undergirded by an infrastructure that harvests citizens’ data, which companies can monetise and governments can use for political surveillance. In developing countries, the state plays a key role in creating surveillance infrastructures, often using coercive means in the name of financial inclusion, as the demonetisation and Aadhaar projects in India show. Unlike the industry-finance conflict in ‘analogue’ financialisation, digital financialisation involves domestic and cross-border conflicts between tech and finance companies for control of the hybrid realm. The state mediates these conflicts. In India, it deploys a narrative of technocultural nationalism to cultivate its domestic political constituencies and downplay its reliance on foreign technology.

Suggested Citation

  • Sudeep Jain & Daniela Gabor, 2020. "The Rise of Digital Financialisation: The Case of India," New Political Economy, Taylor & Francis Journals, vol. 25(5), pages 813-828, July.
    • Handle: RePEc:taf:cnpexx:v:25:y:2020:i:5:p:813-828
    DOI: 10.1080/13563467.2019.1708879
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    Citations

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    Cited by:

    1. Tasadduq Imam & Angelique McInnes & Sisira Colombage & Robert Grose, 2022. "Opportunities and Barriers for FinTech in SAARC and ASEAN Countries," JRFM, MDPI, vol. 15(2), pages 1-37, February.
    2. Wang, Xiuhua & Wang, Yipeng & Zhao, Yaxiong, 2022. "Financial permeation and rural poverty reduction Nexus: Further insights from counties in China," China Economic Review, Elsevier, vol. 76(C).
    3. Paul Langley & Andrew Leyshon, 2023. "FinTech platform regulation: regulating with/against platforms in the UK and China," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 16(2), pages 257-268.
    4. Yanru Li & Guanglin Sun & Qiang Gao & Changming Cheng, 2023. "Digital Financial Inclusion, Financial Efficiency and Green Innovation," Sustainability, MDPI, vol. 15(3), pages 1-13, January.
    5. Fouillet, Cyril & Guérin, Isabelle & Servet, Jean-Michel, 2021. "Demonetization and digitalization: The Indian government's hidden agenda," Telecommunications Policy, Elsevier, vol. 45(2).
    6. V. K. Parvathy & Jyothi Kumar, 2022. "Driving Financial Inclusion: Technology as an Indicator of Financial Ecosystem Development During the COVID-19 Pandemic in India," International Journal of E-Business Research (IJEBR), IGI Global, vol. 18(1), pages 1-15, January.
    7. Batiz-Lazo, Bernardo & González-Correa, Ignacio, 2021. "Start-ups, Gender Disparities, and the Fintech Revolution in Latin America," MPRA Paper 109373, University Library of Munich, Germany.

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