35 years of critical inquiry into India’s political economy in the context of globalisation, liberalisation

By Harsh Thakor* 

This year marks the 35th anniversary of Aspects of India’s Economy, a journal published by the Research Unit for Political Economy. Since its inception, the journal has focused on offering critical analyses of the Indian political economy, particularly in the context of globalisation and liberalisation. Over the years, it has consistently examined various structural and policy-related developments in the Indian economy through a Marxist-Leninist lens, while also being noted by some non-Marxist readers for its empirical rigour.

The inaugural issues of Aspects examined the liberalisation process and its socio-economic effects, such as rising unemployment, weakening of trade unions, expansion of contract labour, increasing income inequality, and reduced access to welfare. These were supported with statistical data and case studies. The journal has aimed to present the perspective of the working population, addressing themes such as the impact of policy on employment, industrial relations, and resource distribution.

Throughout its publication history, Aspects has addressed topics including India’s economic engagements with global powers, corporate influence in economic policy, and the consequences of privatisation and digitisation. For instance, it examined how COVID-19 lockdown measures affected vulnerable sections of society, the implementation of Artificial Intelligence and digitalisation in labour-intensive sectors, and issues arising from agrarian distress following the Green Revolution and neoliberal reforms.

The journal has also featured in-depth studies on India’s working class, such as labour migration, conditions in sectors like brick kilns, garments, and leather, and the growth of informal and contractual employment. Other issues have explored themes such as the interrelation between political economy and democratic rights, the limitations of the "India Shining" narrative, and responses to global events such as the 2008 financial crisis and the Iraq War.

Several scholars and activists have noted the journal’s contributions to critical economic discourse in India. Despite its limited mass outreach, Aspects has had a sustained presence in intellectual and activist circles.

Articles have become more detailed over time, and issues that once fit in a pocket-sized format have expanded into book-length publications. Some contributors have reflected on the journal’s challenges in reaching a broader audience, particularly in the current political climate, and the constraints posed by the absence of a strong grassroots movement.

Significant issues published by Aspects have included analyses of India’s relations with global economic actors, corporate influence (e.g., the Adani Group), the effects of privatisation, and the ongoing challenges in agriculture and labour. Special editions have addressed international topics, such as the legacy of the Chinese Revolution and the 2003 Iraq War, placing these within broader geopolitical and economic frameworks.

Aspects of India’s Economy continues to serve as a platform for critical research and analysis of India's political and economic landscape.

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*Freelance journalist