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Uncertain India? Deepening globalization, unanticipated consequences and the challenge of sustainability

ABSTRACT Taken together, these essays are an eye-opener for those who still see India as a homeostatic society, trapped into caste and custom. The articles on transparency in public transactions, financial credit market reform, effect of the new, reformed economy on the leaders of business and industry and the general framework for understanding India’s “reform consolidation,” present different facets of a society on the move. They showcase how endogenous transformation interlocks with external stimuli and opportunities. This introduction is a succinct analysis of the course of India’s development in specific arenas, contradictions, and resilience of the general process of which they are a part, and, most important of all, the convergence of endogenous developments and exogenous conditions that have emerged as critical determinants of the durability of India’s globalization. However, thanks to India’s noisy but resilient democracy, the direction and pace of India’s globalization, locked into the clash of two paradigms, one drawing its legitimacy from the rhetoric of secularism and social justice and, the other, leveraging on muscular nationalism, deep cultural roots, and rapid corporate-led growth, remains uncertain.