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State and capital in the context of COVID-19 in India: Some implications for globalisation

Author

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  • Jha, Praveen K.
  • Goyal, Meghna

Abstract

The interdependence of the State and business is widely recognised across many disciplines and frameworks. This paper examines the State-capital nexus in India during the neoliberal era, focusing on how the State has facilitated accelerated primitive accumulation for large capital by selectively promoting certain economic policies while neglecting others, compromising public expenditures, and implementing social policy only sparingly. These tendencies have given rise to growing inequality of income, wealth, and opportunities, as well as an increasing trend of dispossession. Notably, the COVID-19 pandemic served as a catalyst for the Indian government to expedite these processes at an alarming rate. Consequently, crony relationships are becoming increasingly evident in India, wherein a select group of favoured conglomerates reap exclusive benefits.

Suggested Citation

  • Jha, Praveen K. & Goyal, Meghna, 2023. "State and capital in the context of COVID-19 in India: Some implications for globalisation," IPE Working Papers 221/2023, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    • Handle: RePEc:zbw:ipewps:2212023
    as

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    File URL: https://www.econstor.eu/bitstream/10419/273734/1/1854470728.pdf
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    References listed on IDEAS

    as
    1. Muduli, Silu, 2022. "Impact of COVID-19 Packages on MSME Financing in India," EconStor Preprints 250164, ZBW - Leibniz Information Centre for Economics.
    2. Lehne, Jonathan & Shapiro, Jacob N. & Vanden Eynde, Oliver, 2018. "Building connections: Political corruption and road construction in India," Journal of Development Economics, Elsevier, vol. 131(C), pages 62-78.
    3. Mazumdar, Surajit, 2020. "The Coronavirus and India’s Economic Crisis: Continuity and Change," MPRA Paper 104969, University Library of Munich, Germany, revised 20 Dec 2020.
    4. Akhilesh K. Sharma, 2022. "Implications of Policy Initiatives for MSMES amid Economic Disruptions Caused by COVID-19," Vikalpa: The Journal for Decision Makers, , vol. 47(1), pages 7-18, March.
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    More about this item

    Keywords

    crony capitalism; COVID-19; business-state relationship; public policy; corporate profit;
    All these keywords.

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • H10 - Public Economics - - Structure and Scope of Government - - - General

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