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Hindutva politics and the consolidation of crony capitalism in India

By Bhabani Shankar Nayak* 
Hindutva politics has been described as a political, social, cultural, and economic project associated with higher castes and classes. Analysts note that it has functioned as a framework for consolidating crony capitalism in India. 
Prime Minister Narendra Modi, often identified with Hindutva ideology, is seen as having advanced this consolidation, with critics arguing that the benefits have accrued disproportionately to corporate interests rather than the wider population. Commentators suggest that Hindutva politics has not articulated a clear developmental vision for the working masses, and that its mobilisation strategies rely heavily on propaganda and symbolic appeals.
Economic indicators reflect challenges. The Asian Development Bank’s projections place India’s growth trajectory close to that of Bhutan, while the Government of India’s Economic Survey (2025–26) points to weakening trends across several sectors. Rising unemployment in early 2026 has been highlighted as a key concern, with growth for FY 2027 projected at 6.6 percent. Analysts attribute these outcomes to policy decisions in both domestic and foreign arenas.
Private consumption remains central to India’s growth, yet recent advisories from Prime Minister Modi—discouraging foreign travel, commuting, and gold purchases to conserve foreign exchange—have been interpreted by some observers as evidence of limited policy alternatives. These measures have been characterised as short‑term responses rather than comprehensive strategies.
Foreign policy choices have also drawn scrutiny. India’s alignment with U.S. and Israeli positions in West Asia, particularly regarding Iran, has been linked to energy supply disruptions and rising commodity prices domestically. Critics argue that the government has not taken a strong stance against regional conflicts that negatively affect India’s economic interests. Trade agreements with Western partners have likewise been criticised as unequal, with claims that they erode economic sovereignty without delivering proportional benefits.
Overall, Hindutva politics is viewed by detractors as prioritising corporate gains and nationalist rhetoric over redistributive policies. Recommendations from economists include mobilising internal resources for public welfare, expanding manufacturing to generate employment, and adopting redistributive mechanisms to strengthen private consumption. Such measures, they argue, could provide a more sustainable path for economic revival.  
The broader debate continues over whether Hindutva politics can deliver inclusive growth or whether alternative approaches—emphasising redistribution, secular citizenship, and constitutional commitments—are required to ensure economic and political empowerment for India’s population.
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*Academic based in UK 

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