Rethinking Finance and State in Indian Economic Development: Continuity or Transformation

Date

2024-9

Author

Kahya, Pınar

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This thesis critically examines the transformation of India’s economic and financial landscape during the 2010s, focusing on the process of financialization and its impact on the Indian state. It explores how India’s financial system transitioned from a heavily regulated, bank-based model to a more market-oriented structure, highlighting the evolving role of the state. The study explores the peculiarities of India’s financialization, including the gradual liberalization of the capital account, top-down financial inclusion policies, and the rising significance of non-banking financial companies (NBFCs). These elements illustrate the complex interplay between market forces and state interventions in shaping India’s economic trajectory. This transition is epitomized by the replacement of the Planning Commission with the NITI Aayog, reflecting a strategic shift from a developmentalist to a finance-oriented approach in the form of the Indian state. The thesis also investigates the reconfiguration of development finance in the country prioritizing Public-Private Partnerships (PPPs) and the establishment of the National Bank for Financing Infrastructure and Development (NaBFID). The concept of a finance-diverted state is introduced to describe the new form of the state, where financial imperatives increasingly overshadow traditional developmental objectives in India.

Subject Keywords

development, finance, state, India, finance-diverted state, kalkınma, finans, devlet, Hindistan, finans-yörüngesinde devlet

URI

https://hdl.handle.net/11511/111034

Collections

Graduate School of Social Sciences, Thesis