Almost nine years into Narendra Modi’s premiership, there is little sign of an ideological commitment to the free market at the apex of the Indian state. Instead, this article characterizes India’s developmental model as a form of state capitalism, structured by the government’s direct influence on economic relationships. The Modi government took office in the midst of a legitimacy crisis generated by the state-dominated financial system. In response, it has fostered an increasingly oligarchic state capitalism, aiming to mobilize private resources through a narrow alliance of state and business interests. This strategy entails serious economic distortions and political risks.

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