Bureaucratic Capitalism and National Capitalism: The Indian Experience Amit Bhattacharyya Professor Professor of History Jadavpur University Kolkata, INDIA
It is a reat honour for me to !e invited to Bra"il !y the Universidade De Pernam!uco, !y Prof# $oises Dini" de Almeida, Director da UP%, &us Petrolina Petrolina to speak at this 'ifth 'ifth International (eminar on Bureaucratic Bureaucratic &apitalism# I thank Prof# $oises, 'aculty mem!ers of the University of Pernam!uco, Pernam!uco, &us Petrolina Petrolina and other friends for this kind k ind invitation# )his invitation has iven me the opportunity to visit Bra"il aain and stand !efore you today to share my thouhts *ith you a!out the Indian situation# )he title of my paper is is +Bureaucratic +Bureaucratic &apitalism and National &apitalism &apitalism )he Indian %-perience.# )his )his paper is divided into t*o parts# )he /rst /rst part deals *ith the nature of Bureaucratic &apitalism and the second part *ith the nature of National &apitalism# )he e-perience that *e have in India has certain features some *hich could !e common *ith other countries havin similar historical developments developments *hile some could !e speci/c to the Indian reality# Before oin into the Indian reality, *e propose to deal, ho*ever !rie0y, *ith the &hinese e-perience as e-plained !y $ao )se1tun#
Bureaucratic Capitalism and National Capitalism in China 2et us !ein *ith the de/nition of 3comprador45oriinally a Portuuese Portuuese *ord that *as later introduced into the %nlish voca!ulary, thanks to the *ritins and activism of $ar-ist $ar-ist thinkers, revolutionaries revolutionaries and social scientists of countries across the *orld# A note at the end of the essay +Analysis of &lasses in &hinese (ociety. *ritten !y $ao )se1tun states +A comprador, in the oriinal sense of the *ord, *as the &hinese manaer or the &hinese senior employee in a forein commercial commercial esta!lishment# )he compradors served forein economic interests and had close connection *ith imperialism and forein capital.6# A comprador has thus come to stand for a !oureois *ho serves forein capital and has its interests interests closely tied up *ith its interests# &omprador capitalism has often !een identi/ed *ith !ureaucratic capitalism particularly in relation to )hird 7orld countries# $ao )se1tun spoke of the &hinese compradors as the !i !oureoisie and of the national !oureoisie as chie0y the middle !oureoisie of &hina# &ompradors emered as 3o1
!et*een1dalals4 or middlemen and !rokers in countries *hich *ere either colonies under one imperialist po*er or semi1colonies under several imperialist po*ers# &ompradors re* !i !y servin imperialist !oureoisie as conditions in a colony or a semi1colony are detrimental to the ro*th of an independent national !oureoisie# In his article +Analysis +Analysis of &lasses in &hinese (ociety.869:;<, (ociety.869:;<, $ao stated that +In economically !ack*ard and semi1colonial &hina the landlord class and the comprador class are *holly appendaes of the international !oureoisie, dependin upon imperialism for their survival and ro*th# )hese classes represent represent the most !ack*ard and most reactionary relations relations of production in &hina and a nd hinder the : development of her productive forces.# )his statement does not mean that the &hinese compradors *ere *ere enaed e-clusively e-clusively in commerce and that they did not take part in industrial sphere# (peakin on the all1pervasive control of !ureaucrat capital in pre1li!eration pre1li!eration &hina, $ao *rote on := Decem!er 69>? +Durin their t*enty1year rule, the four !i families, &hian8&hianKai1shek<, (oon8)#@#(oon<, Kun8H#H#Kun< and &hen8&hen 2i1fu<, have piled up enormous fortunes valued at ten to t*enty thousand million U( dollars and monopoli"ed the economic lifelines of the *hole country# country# )his monopoly capital, com!ined *ith state po*er, has !ecome state1monopoly capitalism# )his monopoly capitalism, closely closely tied up *ith forein forein imperialism, the domestic landlord class and the old1type rich peasants, has !ecome comprador , feudal, state1monopoly capitalism)his capital is popularly kno*n in &hina as !ureaucrat capital# )his capitalist class, kno*n as the !ureaucrat1capitalist !ureaucrat1capitalist class, is the !i !oureoisie of &hina.# 7hat is called 3comprador capitalism4 has thus !een de/ned as one *hose interests, rise and ro*th are intert*ined *ith imperialist capital, *hich serves forein capital as its underlin and *hich is tied up *ith feudal forces in the countryside# )his comprador capitalism is not Cust tradin or commercial capital, !ut also industrial capital# )his comprador capitalism is also tied up *ith state po*er and thus assumes the form of state capitalism# It is this com!ination of comprador capitalism, feudal forces and the (tate su!servient to and under the control of forein capital that $ao called 3Bureaucratic 3Bureaucratic capitalism4# )hese !asic features are more or less common to underdeveloped underdeveloped countries11former colonies or semi1colonies, in many parts of the *orld# &hina4s early industriali"ation *as mainly undertaken !y compradors and the traditional mem!ers of the entry, includin hih ocials and traditional entry1merchants# entry1merchants# )he &hinese comprador !oureois com!ined its tradin activities *ith his role as the !uilder of industries and entered such modern modern /elds as steamship naviation, minin, millin and /nally manufacturin# )he task of operatin the overnment1sponsored industrial enterprises *as also entrusted to the comprador !oureois !ecause of its kno*lede of handlin modern !usiness# And to run them, the compradors in turn relied on
imperialist capital and forein personnel ># It *as this 3unholy alliance45the alliance of the imperialists, the comprador !i !oureoisie and the feudal class111that did not allo* the potentialities of capitalist development to !e reali"ed and acted as a !rake on the development of productive forces in &hina# In an article entitled +(ome %-periences in our Party4s History. *ritten in 69=;, $ao also made the follo*in enerali"ation# He stated +In countries under imperialist oppression there are t*o kinds of !oureoisie5the national and the comprador !oureoisie# Do these t*o kinds of !oureoisie e-ist in your countriesE Pro!a!ly,yes.=# 7hat is $ao4s criterion for diFerentiatin the comprador from the national !oureoisE It is the nature of the economic relationships *ith imperialist capital and its ties *ith domestic feudal interests# (peakin of the comprador !oureoisie he pointed out that it is +a class *hich directly serves the capitalists of the imperialist countries and is nurtured !y them, countless ties link it closely *ith feudal forces in the countryside.;# )he !oureois in a colony or semi1colony, *hether commercial or industrial or !oth, is a comprador if it serves imperialist capital directly and helps intensify imperialist economic and political aression aainst its o*n country# )he role of the national !oureoisie, on the other hand, is not complimentary to that of the imperialist !oureoisie# Despite its likely dependence on imperialist capital in some respects, e#, capital oods and market, their interests are not intert*ined# Its aspirations for independent development are often frustrated !y imperialist and comprador !oureoisie, the prevalence of feudal interests and policies of the state *hich mostly serves their interests# Ho* did $ao de/ne the national !oureoisieE )he national !oureoisie is +a class *ith a dual character# Gn the one hand, it is oppressed !y imperialism and fettered !y feudalism and conseuently is in contradiction *ith !oth of them# In this respect, it constitutes one of the revolutionary forcesBut on the other hand, it lacks the courae to oppose imperialism and feudalism thorouhly !ecause it is economically and politically 0a!!y and still has economic ties *ith imperialism and feudalism It follo*sthat at other times there is the daner of its follo*in the comprador !i !oureoisie and actin as its accomplice in counter1 revolution.?# 7ith this preliminary discussion on the &hinese e-perience, let us no* pass on to the Indian situation#
Bureaucratic Capitalism in India It is enerally kno*n that British colonial rule in India destroyed much of the indienous industry e## cotton *eavin and spinnin, iron, shippin etc# It shattered the old union !et*een ariculture and industry and converted India primarily into a ra*1material1supplyin appendae to and a market for
the British factory industry and secondarily into a market for e-port of capital# India4s e-ternal and internal trade came to !e dominated !y the imperialist British !oureoisie# )hat *as accompanied, on the one hand, !y the decline of a section of the old independent merchants and, on the other, !y the transformationdeeneration of the other section into a class of comprador merchants dependent for their ro*th on the forein imperialist !oureoisie# Here t*o important features should !e kept in mind# 'irst, industrial capitalism emered and developed in India in conditions *hich *ere !asically diFerent from those in *hich it had developed in the 7est# It arose in a dependent country coloni"ed !y a forein po*er and so *as una!le to develop alon independent lines# &olonial rule transformed Indian economy into an appendae of the metropolitan economy of Britain# (econd, in Britain, the appearance of industrial capitalism *as preceded !y strules of ne* social classes aainst feudalism since the 7ars of the oses in the late 6=th century, formation of the Ne* $onarchy, dissolution of monastic lands and the rise of the landed class of the entry *ith capitalist tendencies and the su!seuent defeat of feudalism# In India, on the contrary, industrial capitalism re* not !y defeatin feudalism !ut !y adCustin itself to it# In India, feudal princes like those of Baroda, $ysore, Indore and )ranvancore themselves set up factories and encouraed and helped industrialists in various *ays# In Benal also, at the !einnin of the : th century, "amindars8landlords< like $#&#Nandi, BroCendra Kishore oy &houdhury, Bipradas Pal &houdhuri and others invested part of their money, procured from land, in indienous enterprises# )hus industrial capitalism did not emere in this country in the course of the normal evolution of industry as in the countries of the 7est# Gn the contrary, it *as transplanted from an advanced capitalist country to a dependent feudal country to further the interests of the former# It is also evident that no social revolution or technoloical development in this country had prepared the *ay for its emerence# In fact, factory industry in India *ith its capital oods and technoloy developed else*here represents an importation, rather than an evolution# &ompradors in India had handled diFerent types of oods in diFerent countries and periods accordin to the demands of their %uropean masters# 'or instance, in the era of %uropean merchant capital, Indian compradors in (urat, $um!ai8Bom!ay<, &hennai8$adras< or Kolkata8&alcutta<, procured for %uropean %ast India &ompanies cotton te-tiles, indio, saltpeter, silk and other commodities from the hinterland for e-port to other Asian countries and to %urope# In the era of pre1monopoly industrial capital, as a ne* international division of la!our arose in the 69 th century, the commodity composition of India4s e-port and import trade chaned# Instead of /nished
oods like cotton te-tiles, Indian compradors supplied to %uropean /rms ra* cotton, Cute, foodrains etc and sold British factory1produced oods especially cotton te-tiles on the domestic market and minted millions in lieu of their service# Gpium *as also a maCor commodity *hich *as e-ported mainly to &hina !y British8Jardine, $atheson L &o< and Indian merchants8J#N#)ata, M#D#Birla, &o*asCi Jehanir, Harduttarai &hamaria, to name only a fe*<5a trade *hich *as of inestima!le value to the colonial system of e-ploitation# In the era of 'inance &apital, especially after the transfer of po*er in 69>?, *hen imperialist monopolies are keen on e-portin capital, the Indian compradors are servin as the channel for the import of massive amounts of forein imperialist capital5!oth ocial loan capital and private investment capital5*hich dominates every sphere of the country4s life, especially its industry and ariculture# Here the Indian (tate, the rulin classes and their political representative !oth at the centre and the states played a crucial role# 7e *ill come to that role as *e proceed#
From mid-19th century to World War I 7hile analy"in the circumstances leadin to the emerence of industriali"ation in the 7est, Karl $ar- pointed out that it happened alon either one of the t*o paths# Gne *as *hen master craftsmenartisans themselves !ecame industrial capitalists the other *as *hen merchants carryin on trade independently themselves !ecame industrial capitalists# Gf these t*o paths, the /rst path, accordin to $ar-, *as the truly 3revolutionary path4# In India, as in &hina, on the other hand, neither small commodity producers nor merchants carryin on trade independently re* into industrial capitalists# Gn the contrary, it *as the local Parsi and MuCarati !anians8aentmiddlemen4uarantee !roker4 to %uropean /rms<, !rokers and shroFs of Bom!ay and Ahmeda!ad closely associated *ith British capital, in short, comprador merchants *ho, invested in cotton and iron and steel industries# (ome of the early Indian capitalists *ere had !een !ureaucrats in the service of the colonial overnment or of native feudal princes# )hey amassed millions !y e-portin opium and ra* cotton to &hina as underlins to British capital, as also from contracts *ith the British army *hen it attacked Iran in 6O=? and %thiopia in 6O;O# J#N#)ata and his associates o!tained a contract to furnish supplies reuired !y the %-peditionary forces of Meneral Napier in A!yssinia and, as #$#2ala states, the share of the pro/ts *as sucient to launch him on his career in te-tilesO# )hus economic ties also fostered political and military ties# 'rom the mid169 th century to the 'irst 7orld 7ar, the Indian cotton mill industry depended entirely on British manufacturers from the preparation of !uildin plans to installin and runnin the machines, for machinery, spare parts, technical kno*1ho* and even for the market# )he comprador !oureoisie had their mills erected, manaed and supervised !y British manaers and technicians# )he early mills *ere mostly spinnin mills, *hich
produced yarn not so much for the domestic market as for the forein markets5Britain4s imperial markets in %ast Africa, Hon Kon and &hina# In fact, Indian te-tiles *ere sold a!road particularly in &hina under the um!rella of British po*er and in0uence 9# )he other Indian industry set up !efore the 'irst 7orld 7ar *as iron and steel# 'or this, JamsetCi Nusser*anCi )ata depended on the feudal rulers and British support for many thins# )he entire *orkin capital *as provided !y the $aharaCa of M*alior8feudal ruler of M*alior<# 'or e-tractin iron ores, capital oods, construction of the *orks etc, the )atas turned to*ards the Americans and Julian Kennedy (ahlin and &o, an American /rm of enineers !uildin the factory and 7ells, an American !ecomin the /rst eneral manaer of the )I(&G8)ata Iron and (teel &o< set up at Jamsedpur#
From World War I to 194 In the period from the 'irst 7orld 7ar to 69>?, Indian industrial capitalism sa* the e-pansion of the cotton and iron and steel industries and the investment of Indian !i capital in paper, suar, cement, Cute etc and the emerence of ne* roups of the Indian !i !oureoisie5the Birlas, (inhanias, Moenkas, )hapars, uias, 7alchands and others# %ven thouh the Indian !i capital *as forced, due to 7orld 7ar I, to turn its attention to the domestic market, its comprador ties *ith forein imperialist capital *ere not only kept intact, !ut strenthened further# In fact, the /rst imperialist *ar !rouht to the fore the need to rely on India as an ordinance !ase for protective operations in %astern theatres of *ar in vie* of the temporary interruption of sea communications# In fact, *hen all supplies of machinery throuh sea1route from Britain *ere cut oF, the )I(&G *as converted into a plant for production of *ar material so that the British could *in the *ar# Besides supplyin 6= miles of rails to the colonial overnment for campains in $esopotamia, %ypt, %ast Africa and other places, the )I(&G for the /rst time produced !ullet1proof armoured plates, armoured vehicles made of special alloy steels, special steels for armour1piercin !ullets and shells for machine1uns, ri0es and machine1un maa"ines etc 6# 'or this the )I(&G *as iven discriminatin protection !y the colonial overnment# )he )I(&G also served the interests of British capitalists in India at the e-pense of Indian interests# It sold steel to British enineerin /rms at lo* concession rates *hile the indienous enineerin concerns had to purchase this industrial ra*1material at much hiher prices 66# )he Delhi &loth $ills8D&$< of the (hri am House, another representative of the comprador !i !oureoisie, secured from the overnment lare orders for the supply of tents for troops durin the *ar that fetched them a pro/t of millions of rupees6:# )he (econd 7orld 7ar created hihly favoura!le conditions for the select class to *hich (hri am !eloned# )he draconian Defence of India ules made strikes illeal and kept *aes lo*, *hile prices of oods soared#
Ho*ever, as reards pro/ts, especially te-tile mills, these *ent !eyond the *ildest dreams of the industrialists# He *as re*arded for his loyalty in various *ays !esides !ein a*arded knihthood# 7alchand Hirachand, the founder of another !i !usiness roup, *on his /rst fortunes as a military and rail*ay contractor durin 7orld 7ar I# His Premier Automo!iles 2imited promoted durin 7orld 7ar II, entered into a colla!oration areement *ith the &hrysler &orporation of the U(A to !uild motor vehicles for the defence forces# 'inanced !y Indians, it *ould actually !e a &hrysler unit to ful/ll the needs of the British Indian army6# Gne can multiply such instances# An important reason *hy the Indian !i !oureoisie felt enamoured of +the British connection. *as that they had a lare stake in the British colonies in south1east Asia and Africa# Indian !i capital not only played the role of an underlin to forein capital *ithin India !ut *ent out to e-ploit other British colonies under the um!rella of British po*er as a sub-exploiter # )he total capital invested in Burma alone !y 69>6 amounted to s# := crore8:= millions<6># )he Nattukottai &hettiars of )amil Nadu *ere usurers and traders *hose tentacles had spread to such countries of (outh1%ast Asia as &eylon, $alaya, (inapore and especially Burma# )heir total assets rose to s#O million in 69 accordin to one estimate and s#6> million accordin to another6=# (ome of the &hettiar !usiness roups *ere knihted !y the British for their services to the forein rulers# As (BD de (ilva puts it, +2ike the remora *hich travels lon distances !y attachin itself throuh its dorsal slicker to the !ody of a shark, Indian capital *ent alon *ith Britain4s overseas e-pansion.6=a# It is not that only forein capital *as invested in Indian1o*ned industries there *ere a lot of forein1o*ned industries in *hich Indian capital *as also invested# )he Indian capital invested in forein1controlled companies constituted investments !y such feudal lords as the $aharaCa8feudal kin< of Dar!hana as also !i !oureoisie and auent petty !oureoisie# Bi !usiness houses like the Moenkas, Birlas, Banurs, Jalans, BaCorias, Jatias etc started as !rokers or !anians8middlemenaent for %ast India &ompany4s servantsuaranteed !rokers< of %uropean companies and came to have lare /nancial stakes in them# $any of them served on the !oards of directors althouh they did not have any control over them# 'orein and Indian !i comprador capital *ere tied up in another *ay# )he cement units5!oth Indian and British1o*ned5formed uasi1monopolistic orani"ations, the Indian &ement $anufacturers4 Association in 69:; and the &ement $arketin &ompany of India 2td in 69# 2ater, in 69;, a lare num!er of cement companies includin those under the manain aencies of Killick Ni-on and )ata (ons, *ere amalamated to form the Associated &ement &ompanies8A&&<# )his cement monopoly in 69>6 formed a Coint syndicate *ith the Dalmia Jain !i $ar*ari !usiness roup# )hat *as follo*ed !y the formation of the Indian (uar (yndicate, on *hich !oth Indian and
British capital *as represented, !efore the (econd 7orld 7ar 6;# @#I#Pavlov o!served +India4s colonial capitalist sector developed in indissolu!le unity *ith British capitalism relyin on the latter4s po*erful support. 6?# )hus India !ecame one of the most important supply !ases for the British east of (ue"# 7ith the entry of Japan into *ar India not only provided men and material for *ar in 7est Asia, Africa and %urope, !ut she herself !ecame a !ase of military operations, not only of British troops !ut also of American troops# )he British depended on the Indian !i !oureoisie for procurement and production of certain ra*1material for the successful prosecution of the *ar and the Indian !i !oureoisie, true to its comprador character, provided all military and political support# In fact, *hile the *ar *as the *orst of times for the people, it *as the !est of times for the !i !oureoisie# )hey minted millions at the cost of the !lood and s*eat of the people# After 7orld 7ar II *as over and the transfer of po*er *as in siht, there *as much talk a!out Plannin for future India# 2eadin representatives of the Indian comprador !i !oureoisie such as (ir J##D# )ata, M#D#Birla, (ir Purushottamdas )hakurdas, (ir (hri ram, Kastur!hai 2al!hai and others formulated their plan popularly kno*n as the +Bom!ay Plan869>><.# In fact, the success of the (oviet 'ive Qear Plans adopted since the end of the t*enties prompted the capitalist rulin classes in some countries to attempt economic plannin to deceive the people# Did the plan declare *ar aainst feudalism and imperialismE 'ar from it# Neither the a!olition of feudalism nor the liuidation of feudal princely states nor redistri!ution of land *as proposed# )here *as no talk a!out restructurin e-istin property relationships !y con/scatin forein capital# Gn the contrary, the plan provided for forein loans of s# ? crore8? million< to /nance the s#6, crore plan# )he plan does not demand the nationali"ation of the forein capital *hich then dominated Indian trade, industry and !ankin# Professors 7adia and $erchant o!served +A national overnment, as our authors contemplate it, *ill !e a overnment representin their capitalist interests and amena!le to their *ishes. 6O# In fact, *hat *as there in the Bom!ay Plan are as follo*s the concept of massive state intervention in the economy, a mi-ed private and pu!lic sector enterprise kno*n as the 3mi-ed economy4, the emphasis on heavy industry, the need for forein capital and the need for de/cit /nancin# )here seems little diFerence !et*een the !asic approach of the Bom!ay Plan and the approach of the Movernment Plan formulated !y the Plannin and Development &ommittee chaired !y (ir Ardeshir Dalal after the formation of the Post17ar econstruction &ommittee in 69># In the +(tatement of Industrial Policy869>=<. the MoI4s Plannin and Development department stated that if adeuate private capital *as not forthcomin, !asic industries should !e nationali"ed# )he idea *as to prepare the infrastructure !y state intervention so as to facilitate the entry of private capital5Indian !i capital
and forein imperialist loan and private capital5in future69# )hus the !asis of (tate &apitalism or Bureaucratic &apitalism for India *as laid# )he Indian !i !oureoisie had !y then reached the crossroads of history and relied on t*o pillars for its further ro*th5imperialist capital and (tate capitalism# (tate capitalism, in the *ords of $aurice Do!!, means +(tate1 enforced monopoly5monopolistic restriction and monopolistic arandi"ement *ith the sanction and !y the arm of the la*.# Do!! added that the various species of (tate &apitalism have a common element *hich is +the coe-istence of capitalistic o*nership and operation of production *ith a system of enerali"ed controls over economic operations e-ercised !y the (tate, *hich pursues ends that are not identical *ith those of an individual /rm.:# 2et us no* pass on to the phase that !eins *ith the +transfer of po*er. in 69>?#
India since Independence!"ost 194 on#ards$ )he economic ties *ith imperialist capital !ecame stroner after the transfer of po*er in 69>?# In the memorandum attached to the Indian overnment4s Industrial Policy resolution of April 69>O, it *as stated that there should !e full freedom for forein capital and enterprise in Indian industry# 7hen Prime $inister Nehru *ent to the U(A in 69>9 in uest of food, capital and technical help, he assured U( capitalists that private capital *ould !e iven freedom to operate in India# )he mem!ers of the Indian !i capital such as M#D#Birla and (ir Homi $ody of the )ata house *ere no less enthusiastic in *elcomin forein monopoly capital# It is nota!le that the %nineerin Association of India on *hich the tycoons *ere represented, placed the responsi!ility of makin India +industrially reat. on the shoulders of the British and American monopolists# )hat *as needed for another crucial factor, that is, the appearance of ed &hina# In fact, in its *ritten evidence !efore the 'iscal &ommission869>91=<, it stated that +industrially advanced countries like the U(A and UK should undertake the o!liation of makin India industrially reat., so that +she may act as a !ul*ark aainst the risin tide of &ommunism in this part of the lo!e.# It *as this anti1&ommunist crusade that comprised another important feature of (tate1!ureaucratic capitalism into *hich the Indian comprador !i !oureoisie, the Indian state and forein imperialist capital *ere enmeshed# )he pertinent uestion is 7hy did the Indian comprador !i !oureoisie choose to play the role of an underlin to forein imperialist capital *hen India *as oin to !e a formally independent countryE In his Capital, Karl $ar- spoke of merchant4s capital and usurer4s capital# In pre1capitalist countries, these forms of capital su!ordinate productive capital to themselves *hile, under capitalism, they function as aents of productive capital# In India, it *as the former that *as dominant# )o most of the Indian industrial !oureoisie *hich developed from merchants and moneylenders,
industry *as an adCunct to their !asic activities as traders# %ven e-patriate British capital, *hich operated throuh British manain aency /rms and dominated India4s forein trade, industry, !ankin, insurance etc, *as predominantly merchant capital# Here it *as commerce that ruled industry rather than industry rulin commerce# %ven *hen direct colonial rule came to an end, the !asic *eakness of India4s capitalist class lay in t*o thins one *as its failure to su!ordinate merchants4 and usurers4 capital to productive capital the other *as the virtual a!sence of one of the t*o maCor departments of capitalist production 5the production of the means of production# As $ar- pointed out, the total social production is divided into t*o maCor departments a< $eans of Production8Department 6< and !< Articles of consumption8Department II<# Gf these t*o departments, the /rst is the more dynamic of the t*o# In India, the department for the production of the $eans of Production i#e, machinery, does not almost e-ist# In fact, machine1!uildin industry in India did hardly e-ist and hence it al*ays looked to*ards forein capital and technical kno*1 ho*# Neither the Indian !i capital nor the Indian (tate did try to cast oF that dependence rather they hued the chains that !ound them# In the modern *orld, modern technoloy is the monopoly of iant multinational corporations and this technoloical dependence on imperialist capital attended !y uneual e-chane leads to further surrender to their forein masters# )hat is *hy the faster India tries to run on the clutches of purchased technoloy, the more !ack*ard it moves, in comparison *ith metropolitan countries# )he 3transfer of po*er4 !y the British to 3friendly and relia!le hands4 in 69>? sinaled the !einnin of the process of imperialist domination in a ne* *ay# In the name of !uildin an independent and advanced economy, the Indian rulin classes have made it more dependent on the capital and technoloy of imperialist countries# In the name of development and industriali"ation, they have helped the comprador !i !oureoisie to develop uickly to serve it !etter in the ne* situation, strenthened the stranlehold of imperialism over the Indian state, country4s economy, politics and culture and have made no fundamental chane in the feudal relations# In the name of non1alinment in forein policy, they have, in fact, pursued a policy of !i1alinment *ith Anlo1American and (oviet po*ers# In the name of democracy and eual opportunities for all, they have trampled underfoot democratic rihts of the people and tried to sti0e the strules of various nationalities for autonomy and self1determination# 7hat *as a colony !efore 69>? no* !ecame a semi1 colony after the transfer of po*er# India thus !ecame a formally independent country# It *as in such a condition that (tate capitalism in India made its appearance# It *as a situation *hen the Indian comprador !i !oureoisie5!asically mercantile in orientation5 havin feudal linkaes and closely tied up *ith state po*er and maCor
political parties !oth at the central and state levels, promotes imperialist capital and helps in its penetration into the economic and political lifelines of the country at a tremendous cost to the people and nature# )he introduction of 'ive1year Plans played a crucial role in developin Bureaucratic capitalism# )here *as another important development# )he top political representatives of the Indian !i !oureoisie such as Ja*aharlal Nehru, @allav!hai Patel, the former, in particular, nourished !i1po*er chauvinism and in his fevered imaination conceived of a multinational state stretchin from 7est Asia to the Paci/c reion *ith India as its centre and hitched their *aons to the American star# In their *ild am!ition to !ecome a superpo*er, they follo*ed a policy of !i1alinment either tiltin to*ards the Anlo1American po*ers or to*ards the (oviet po*er until the dismem!erment of the (oviet Union *hen they turned to*ards U( imperialism and !ecame its clients# Ho*ever, despite its *ild am!ition, India did not have the capacity to !ecome a !i po*er either in the past or at present, a reality into *hich *e *ould not enter at present# America, on its part, *hetted the appetite of the Indian rulin classes !y ivin the false impression that it had that capacity and !rouht the Indian state further under its all1round control# )he 3&ommunity Development ProCect4, the 3Mreen evolution4, intervention !y the $I) &entre etc formed part and parcel of the American stratey to remould Indian policy in its o*n imae# An important aspect of Bureaucratic capitalism is the dependence on imperialist capital# In fact, from the very !einnin, India4s plans have !een heavily dependent on loan1capital and investment, technoloy and technical 3e-perts4 from forein countries, in short, the a!Cect surrender to forein capital# 2oans led to the pilin up of e-ternal de!ts, interests multiplied and India took more loans to pay oF old de!ts, thus makin itself more inde!ted than ever !efore# Another form of loan *as 3aid4 *hich *as responsi!le for the continuous, severe drain on India4s surplus to advanced capitalist countries# )he International 2a!our Grani"ation8I2G< stated in report of 69?? that for every dollar iven to a third1*orld country to continue !uyin from the 7est, the 3donors4 received three dollars in return :6# )he amount of drain multiplied since then# )he 3aid4 fores not only economic dependence and su!servience, !ut also political dependence# It helps in e-ercisin a stranlehold on !ureaucracy, overnment ocials, leaders of political parties 5rulin and others5and others, in short, the state machinery as a *hole# Policies of state control *ere rela-ed one after the other for the entry of forein capital and the conseuent plunder of the country4s resources# $ean*hile, the advanced capitalist countries, hit !y recession since 69?O1?9, *ere an-ious to e-port more capital oods and lu-ury consumption oods to India and other )hird 7orld countries and the *ithdra*al of all the e-istin restrictions on their e-ports !y the Indian overnment# Interestinly, their interests convered *ith those of the Indian Bureaucratic capitalists# 2ike the
forein imperialists they *ere also critical of various overnment controls such as the industrial licensin system, controls over capital, import control, import controls etc# *hich no* came in the *ay of their operations# )he irony is that these very controls had earlier ena!led the !ureaucratic capitalists to *hat they !ecame and created for their industries a monopolistic market# But no* these same controls have !ecome fetters for them# )hus there *as no* no need of those for them# )hey had a lare amount of capital *ithin the country and many more kept in forein !anks *hich they *anted to !rin !ack as *hite money for further e-pansion as Cunior partners of trans1 nationals !ased in imperialist countries# )hat led to a chane in policy 53li!erali"ation, privati"ation and lo!ali"ation45the dismantlin of controls and restrictions, !oth of *hich *ere essential instruments of plannin# It *as this plannin that made the emerence of (tate capitalism possi!le in India and it *as these aain *hich the !i !ureaucratic capitalists souht to do a*ay *ith *hen these hindered their e-pansion# )he 7orld Bank and the I$', the *atchdos of imperialist interests, put for*ard the prescriptions for Indians# )hat led to the devaluation of the rupee that made imports dearer and e-ports cheaper and the repayment of forein loans much heavier# (econdly, the Indian rulin classes pleded to remove *hatever restrictions on direct investment of imperialist capital still remained# Accordin to U( ocial reports, the annual direct forein investment rose from a!out R6 million in 699 to R:#> !illion !y 699; ::# In fact, it is forein capitalism that the Indian rulin classes and their political representatives in successive central overnments have !een promotin on Indian soil more aressively than ever !efore# )o them, national interests, national sovereinty, national dinity and their o*n dinity do not matter at all# Another feature of !ureaucratic capitalism in India is that pu!lic sector enterprises, even pro/t1makin enterprises, *ere sold out to forein corporate capital and their Indian colla!orators at thro*1a*ay prices# )he 7orld Bank and the I$' are keen on dismantlin all measures to protect domestic national industry and demand an open door for imperialist capital and other forein oods# 87e *ill deal *ith National capitalism in a separate section<# )hat also applies to Indian !anks and insurance companies *hich suFer at the hands of forein !anks and insurance companies *hich 0ourish on Indian soil !ecause of patronae !y the Indian overnment# An important feature of Bureaucratic capitalism in India is (tate intervention to transfer surplus to the private corporate sector5!oth Indian and forein# Privati"ation has taken various forms the disinvestment of shares of pu!lic sector /rms the sale of pu!lic enterprises *ith handover of manaement control to private /rms 3pu!lic1private1partnerships4 in the infrastructure
sector and the openin up of pro/ta!le sectors such as telecommunications hitherto closed to private /rms# 'irst, virtually all partial disinvestment of shares in pu!lic sector /rms has !een carried out consciously at prices *hich are 3attractive4 to investors# Suite naturally, these sales have attracted *ide criticism, includin from the &omtroller and Auditor Meneral8&AM< *hich spoke of ross irreularities even from the /rst round8699619:<# )he &AM put the loss at s#,>>: crore on receipts of Cust s#,O crore :# In the most recent period, the ne*ly formed second National Democratic Alliance8NDA< overnment led !y Narendra $odi has initiated a mea sale of three maCor pu!lic sector undertakins5Gil and Natural Mas &ommission8GNM&<, &oal India 2imited8&I2< and NHP& 2td# *hich +amounts to a *ay of enrichin the corporate sector at the e-pense of the e-cheuer.:a# (econd, virtually every sale *ith transfer of manaement to private /rms has handed over assets at scandalously depressed prices# Bet*een : and ::, the overnment sold and transferred nine /rms to the private sector, includin Balco, Hindustan Tinc, @(N2 and IP&2# )he &AM found that the valuation of the /rms4 assets *as riddled *ith irreularities# In several cases, it found that su!stantial +surplus land. *as sold alon *ith the company there!y suestin that real estate ains *ere the key motive to some of the deals8e##, Hindustan 2ever4s takeover of $odern 'oods<# In some cases, maCor assets8mines in the case of Hindustan Tinc< *ere ar!itrarily e-cluded from the valuation:># )hird, the %leventh 'ive Qear Plan envisaes s#: lakh crore8s#: trillion, or R= !illions#>R< investment in physical infrastructure8electricity, rail*ays, roads, ports, airports, irriation, ur!an and rural *ater supply and sanitation< durin the period :?16:<# India4s savins rate sured !y 66# percentae points !et*een :61: and :;1?<, and is proCected further in :?1O8to reach =#; per cent<# Miven this a!undanceproCected a!undance, no pro!lem is e-pected for the pu!lic sector to /nd /nance for the proCected ro*th in infrastructure# )he Movernment, ho*ever, constituted a committee headed !y a private !ank chairman to produce a list of reasons *hy the pu!lic sector could not carry out the necessary investments and arue that +pu!lic1private1partnerships.8PPPs< *ere reuired# 7ith such ali!is, the central overnment has decided to promote PPPs to /ll the alleed ap in infrastructure /nancin# Hence forein direct investment up to 6 per cent is invited# &ontracts have !een a*arded and proCects are under *ay for ::6 PPPs *ith an estimated cost of s# 6:9,=?= crore8R: !illion<# $oreover, infrastructure PPPs *ould enCoy enerous ta- concessions :=# 'ourth, the retreat of the state from the sectors of healthcare and education led to tacit privati"ation# )he *orsenin state of nutrition is due not only to the deterioration in aricultural production, !ut also to the overnment4s
tacit policy of privati"ation of health, education and transport for this has forced the poor to spend more on these services, leavin less for food# It is interestin to point out that !ureaucratic capitalism in the neo1li!eral phase condemns su!sidies such as those on food and fertili"er, and the supposed su!sidy on petroleum# Ho*ever, it provides an array of su!sidies to the private corporate sector# 'irst, there are lare transfers disuised in form of sums o*ed to the (tate !y the corporate sector *hich the (tate makes no serious attempt to collect# 2are !orro*ers *ith 66, individual accounts accounted for as much as s#>, crore of total !ad de!t of !anks !y :61:# Amon pu!lic sector !anks too hih value defaults involvin 6,?>6 accounts of over s#= crore amounted to s#::,O;; crore# )he second maCor su!sidy is ta- concessions# Here the total of ta- revenue foreone on corporation ta-, e-cise duty and customs duty *as estimated at a massive amount5s#:;,>O crore :;# Another important feature of Bureaucratic capitalism is the forin of political, military and strateic tie1ups *ith imperialist countries# Durin the India1&hina !order *ar of 69;:, the Indian overnment +souht full defensive intervention. !y America, as Mal!raith noted in his diary :?# )he period of the late 69;s and the early 69?s characteri"ed !y the Na-alite &ommunist revolutionary movement led to e-chane of vie*s to com!at it amon India, U(A and UK# 'rom the late 69Os, the U(A had !een tryin desperately to seek its lon1 cherished dream of *orld domination, *hat it calls its 3manifest destiny4# )*o developments had *hetted its appetite# 'irst, the socialist &hina led !y $ao )se1tun, *hich *as a source of inspiration for the freedom1lovin people every*here, had deenerated into a capitalist state# (econd, the U((, or *hat is kno*n as (oviet social imperialism !roke do*n due to its internal contradictions# )he U(A no* dreamt of !ecomin the only super1po*er so that +no super1po*er emered in 7estern %urope, Asia or areas of former (oviet Union. and the U( Coint chiefs of staF hihlihted the need to maintain a +headuarters element. in (outh17est Asia :O# )he Indian !ureaucratic capitalists and the central overnments that serve their interests *ere only too *illin to carry out U( plans of !uildin close interation !et*een Indian and American military esta!lishments# 7hat *ere the features of this militarystrateic colla!orationE )hese are the upradin of Indian military euipment *ith U( help the strenthenin of army1to1army and navy1to1navy 3co1operation4 !y holdin Coint seminars, Coint e-ercises etc com!ined trainin e-ercises the military ocers4 e-chane proramme the settin up of steerin committees to *ork out various relevant proposals are some of the features of military and strateic ties !et*een the t*o countries# An 'BI oce *as set up in Ne* Delhi many years ao and Cunle *arfare trainin school set up in $i"oram in north1 eastern India *here American and Indian soldiers undero Coint Cunle
*arfare trainin# )he Indian overnment is takin loistical support from the U(A and Israel8such as unmanned airplanesU(@s< to deal *ith the Indian $aoists# )he Vision Statement that set the seal for lon1term strateic dependence on U( imperialism *as dra*n up !y imperialist aencies like $ckinsey L &o and *hich *as sined durin the visit !y U( President &linton in $arch :# )his took a maCor leap after the (eptem!er 66, :6 attack on the t*in to*ers and the Pentaon and the conseuent U( crusade aainst so1called terrorism, of *hich the Indian rulin classes !ecame a maCor appendae# It prepared the round of a U(1India1Israel military a-is# In the /rst decade of the :6 st century, the $anmohan1&hidam!aram com!ine started *hat has !een descri!ed as the +Gperation Mreen1hunt.# Durin his tenure as the central /nance minister, P#&hidam!aram8he *as also connected *ith the @edanta roup as also leal advisor to %nron<, sined $oUs *ith a lare num!er of forein $N&s and domestic !i compradors such as @edanta, (tarline, Jindal, PG(&G, )ata, Am!ani etc to e-tract !au-ite, iron ores and other precious mineral resources !y cuttin do*n forest reserves, displacin hundreds and thousands of Adivasis from their land and ha!itats# 7hen the masses resisted aainst displacement and plunder of natural resources alon *ith the $aoists and other forces5!oth *ith arms and *ithout arms5the resistin masses *ere su!Cected to all forms of !rutality perpetrated !y the security forces and many other statestate1 sponsored repressive aencies raised for the purpose# )his +Gperation Mreen1hunt. enters its third phase at present *hen the ne* NDA overnment has declared its intention to directly enae the Indian army and the air1force to deal *ith the $aoist insurency#
% &e# o'ser(ations on Bureaucratic Capitalism )he close relationship !et*een private monopoly companies and the state leads to the emerence of (tate monopoly capitalism# )his results in hih concentration of production as *ell as hih deree of production and employment of la!our# )his ensures the strenthenin of the monopoly rip on the state machinery and !i capital makes the (tate su!servient to it# )he *hole state machinery serves the interests of the rulin classes and is dictated !y them# An essential element of the state machinery is the !ureaucracy# $ar- deduced the notion of !ureaucracy from the !ureaucratic relationship e-istin !et*een the po*er1holdin institutions and the social roups su!ordinated to them# He calls this an essential social relation *hich dominates the decision makers themselves# )his (tate monopoly capitalism has thus !een identi/ed *ith Bureaucratic capitalism# )his (tate capitalism strenthens private monopoly capital !y assistin in the e-pansion of production as also development of modern industry and
science# )he hue economic *ealth under the (tate directly or indirectly comes in handy for the further ro*th of private !i comprador capitalists# )he (tate acts positively in providin ra*1material to them, hands over sources of ra*1material throuh8natural resources such as !au-ite, iron ores, coal etc< the sinin of $oUs *ith domestic corporate and forein imperialist capital, place orders to !i capital, provides cheap electricity, mineral resources etc to the corporate houses5native and forein# As the (tate adopts a policy of militari"ation !y *hippin up *ar hysteria at reular intervals *ith neih!ourin countries like Pakistan and &hina, the demand for defence oods ets a /llip and that is !ein met !y !i capital# In the name of com!atin the $aoist insurency, the Indian state is procurin *ar materials from Israel, America in increasin uality# )hat fattens the !elly of native and forein imperialist capital# (tate monopoly capitalism is further strenthened !y the control over industry, transport, !anks, !y the sellin out of shares in the private1pu!lic partnership# Privati"ation or disinvestment of pu!lic sector units at thro*1 a*ay prices fattens the purse of imperialist capital and domestic !i capital# ules are rela-ed, even chaned in Parliament and (tate leislative assem!lies in the interest of Bureaucratic capital# An important uestion is 7ho are the !ene/ciaries of the surplus e-tracted !y Bureaucratic capitalismE It is mainly the domestic !i capital and imperialist capital that ra!s such pro/ts, directly throuh the !ackin provided !y the !ureaucratic state to their industries, stock market1!ased incomes, disinvestment of pu!lic sector units devaluation of the rupee, chanin la*s to permit )N&s to operate *ith total control, handin over lare tracts of land for the creation of (%Ts8(pecial %conomic Tones< etc# )he ne* trend of private1pu!lic1partnership8PPP< e-plicitly sho*s that the maCor portion of surplus oes to the domestic !i capital and imperialist capital and the state !ureaucracy# (ide !y side, as no state can sustain itself *ithout elicitin the support of the people, a small portion of the surplus is also distri!uted in various *ays amon the lo*er layers of society and is also set aside for the furtherance of various *orks of pu!lic utility# In India, (tate capitalism or Bureaucratic capitalism sho*ed sins of its emerence in the last years of colonial rule# 2ike the emerence of industrial capitalism, it did not have any independent ro*th on the contrary, its !asis of its emerence *as laid !y the British colonial masters themselves# )hus from the very !einnin, it *as dependent in character# )here *as nothin unusual in it# Had India adopted the path of the Ne* Democratic evolution the essence of *hich *as an ararian revolution as taken up !y &hina under $ao, her history *ould have proceeded alon a diFerent course# )he (tate capitalism that *ould have emered *ould have !een under the control of the Ne* Democratic India that had emered in course of /htin aainst and defeatin feudalism and British imperialism# 2ater on, it *ould have
underone the phase of socialist transformation as &hina did# 2et us no* pass on to a !rief account of National capitalism in India#
National Capitalism in India Gne can have t*o sections of the !oureoisie11comprador !oureoisie and national !oureoisie5in a colony or semi1colony# In a truly independent country *hich is neither coloni"ed !y nor dependent on imperialist countries, one can have only one section of the !oureoisie11the national !oureoisie# In a colony or a semi1colony, the nature of national capitalism is determined !y the concrete condition that prevails in the country# (peakin of &hina !efore 69>9, $ao )se1tun said that the national !oureoisie *as +oppressed !y imperialism and fettered !y feudalism.# )his *as also true of India4s national !oureoisie and is true even today# Because of the prevalence of feudal land relations in the vast countryside of India, the Indian market *as narro*# (ide !y side, !ecause of the !ecause of the stranlehold over Indian economy5domestic and forein trade, industry, /nance etc5!y imperialist capital and its compradors5and the inimical policies of the colonial state, national capitalism could hardly ro* and survive# In fact, National capitalism had antaonistic contradictions not only *ith the imperialist !oureoisie !ut also *ith the compradors#
Colonial "eriod: )he comprador !oureoisie *hich *as one of the main pillars of colonial rule, *as divided into three roups# )he /rst com!ined !ankin and tradin activities the second acted as !rokers, !anias8mem!er of a tradin caste< or contractors to the British raC and supplied provisions to the British Indian army at home and a!road the third *ere am!lers, speculators and !rokers of British /rms# )he national !oureoisie on the other hand moved in totally diFerent directions# It is possi!le to dra* clear lines of demarcation:9 !et*een the comprador!i !oureoisie and one part of the middle, and the nationalsmall and the other part of the middle !oureoisie of India# @ery !rie0y, *e propose to refer to their features under eiht !road heads (ocial oriin 7ays of Primary accumulation Kno*lede of production processoriinal research (election of (ites and Buildin Plans $anaement%-pertsDirectors, $achinery $arket Political Attitude# 6# (ocial Griin Unlike the compradors *ho oriinated from traders, !ankers, middlemen, !rokers, speculators and am!lers, the national capitalists emered from educated middle1class8professor, chemist, physician, enineer<, landlord and artisans# :# 7ays of Primary accumulation Unlike the comprador !i !oureoisie *ho accumulated money as traders, usurers, am!lers, !rokers,
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contractors, speculators, the national capitalists depended on small savins from middle1class professions, land, donations and even their o*n skill and con/dence in themselves# Kno*lede of the Process of ProductionGriinal esearch Unlike the !i !oureoisie *hich did neither have a thorouh kno*lede or any kno*lede *hatsoever of the process of production, the National capitalists ained in such kno*lede throuh e-perience as chemists, medical personnel, kno*lede a!out enineerin and direct participation in the process of production# (election of (ites for factories and Buildin plans Unlike the compradors *hich depended on forein e-perts for the selection of sites for their factories as also for makin plans for !uildins, the national section relied on themselves for all these# $anaement%-pertsDirectors Unlike the !i !oureoisie *hich depended to a very lare e-tent on foreiners, the small and middle !oureoisie depended on themselves# $achinery Unlike the compradors *hich depended entirely on foreiners for machinery, spare parts, capital oods etc, the national !oureoisie, despite dependence on forein machinery in many sectors, also manufactured machines !oth for the use in their o*n factories as also for the market# $arket Unlike the !i !oureoisie *hich depended on the imperialists even for the market, particularly overseas market, the small and medium entrepreneurs sold their products throuh deshi8indienous< shops of diFerent si"es *hich spran up in lare num!ers durin the colonial days# Political Attitude 7hile the compradors *ere politically and strateically tied up *ith the colonial rulers in many diFerent *ays, the national section had a clear anti1British orientation# $any of the founder1proprietors of s*adeshi companies8indienous and anti1British< took part in the anti1colonial revolutionary movements and mem!ers of secret societies and *ere imprisoned for their political activism#
"ost-colonial "eriod!since 194$: In the period after colonial rule, the policies of the Indian rulin classes *ere over*helminly in favour of imperialist capital and the !i !oureoisie# %ven thouh this section could develop in some sectors in the initial period e# in te-tiles, enineerin *orks, cycles etc, chane in overnment policy and the openin up of the country4s economy !y the radual *ithdra*al of restrictions, !esides other factors, *orsened the situation# 'rom the 699s on*ards particularly as a result of the introduction of the 2PM8li!erali"ation, Privati"ation, Mlo!ali"ation< proramme, small and medium1si"ed factories faced closure and their num!er in 7est Benal alone ran into thousands *hich left millions of *orkers Co!less# A massive num!er of small and cottae1si"ed units in the unorani"ed sectors throuhout the country have
died out of e-istence due to lack of state support, paucity of funds, cripplin competition from the !i companies etc# )he settin up of shoppin malls in ur!an centres !y the corporate houses5domestic and forein has !een playin havoc to the small !usinessmen, ha*kers and daily earners# )hat, ho*ever, reuires a detailed study and analysis into *hich *e *ill not enter at present# )hanks aain to the orani"ers and all those *ho are present here and have listened *ith patience to my lenthy presentation#
)e&erences: 6# $ao )se1tun, 3Analysis of &lasses in &hinese (ociety4 in Selected Works, @ol# I, Pekin, 69??,p#69# :# $ao )se1tun, ibid, p#6# # $ao )se1tun, 3)he Present (ituation and Gur )asks4 in Selected Works, @ol#I@, Pekin, 69?=, p#6;?# ># Qen Pin Hao, The Comprador in Nineteenth Century China; The Bridge between ast and West , &am!ride, $ass, 69?, pp#61:# =# $ao )se1tun, 3(ome %-periences in our Party4s History4 in SW , @ol#@, Pekin, 69??, p#:?# ;# $ao )se1tun, 3)he &hinese evolution and the &hinese &ommunist Party4, SW , @ol#II, Pekin, 69?=, p#:# ?# $ao )se1tun, ibid, pp#:1:6# O# #$#2ala, The Creation o! Wealth, Bom!ay, 69O6, p#># 9# A#P#Kannanara, 3Indian $illo*ners and Indian Nationalism !efore 696>4, "ast and "resent , No#>, July 69;O, p#6;># 6# 'rank Harris, #$N$Tata % Chronicle o! his &i!e, Bom!ay :nd edition, 69=O, p#:6> #$#2ala, op$cit , p#:= see %ditorial in #ournal o! the College o! ngineering and Technology , @ol# VIII, No#:, Decem!er 69>6, pp#9O199# 66# (uniti Kumar Mhosh, The 'ndian Big Bourgeoisie 'ts (enesis) (rowth and Character , &alcutta, January :, p#699# 6:# Arun Joshi, &ala Shri *amn % Biography , Bom!ay, 69;O, pp#6;1 9# 6# (#K#Mhosh, op$cit , pp#:O19# 6># Kastur!hai 2al!hai Papers, K1; cited in &laude $arkovits, 'ndian Business and Nationalist "olitics, p#6O, fn#=# 6=# (#K#Mhosh, op$cit , p#:6#
6=a# (BD de (ilva, The "olitical conomy o! +nderde,elopment , 2ondon, 69O:, p#6=# 6;# A#I#2evkovsky, Capitalism in 'ndia, Ne* Delhi, 69;;, pp#61># 6?# @#I#Pavlov, @#astyannikov, M#(hirokov, 'ndia Social and conomic .e,elopment/01 th to 23th centuries4, $osco*, 69?=, p#9:# 6O# P#A#7adia and K#)#$erchant, The Bombay "lan % Criticism, Bom!ay, 69>=, p#>,>=1?# 69# 'or the full te-t, see %spects o! 'ndia5s conomy 8Bom!ay< !y UP%, No#66, January1$arch 699, pp#>:1;# :# $aurice Do!!, Studies in the .e,elopment o! Capitalism, outlede Paper!ack edition, 2ondon, 69?:, p#O># :6# conomic Times, Ne* Delhi, 6 $arch, 69??# ::# &( Issue Brief for &onress India1U( elations updated $ay 9, :, K#Alan Kronstadt, 6oreign %7airs) .e!ence and Trade .i,ision, pp#&( 6:16# :# 'ndia5s *unaway 8(rowth5 .istortion) .isarticulation and xclusion Part II, Aspects of India4s %conomy No#>=, UP%8esearch Unit 'or Political %conomy<,$um!ai, pp#91># :a# &#P#&handrasekhar, 3An G!session to (ell4, 6rontline, Gcto!er 6O16, :6># :># @# (ridhar, 3(cam accounts4, 6rontline, ;6;# :=# 'ndia5s *unaway 8(rowth5 , op$cit , pp#>61># :;# 'bid, pp#>1>># :?# J#K#Mal!raith, %mbassador5s #ournal, 2ondon, 69;9, p#>O;# :O# conomic Times, 6:9: 6:>96# :9# 'or details, see Amit Bhattacharyya, Swadeshi nterprise in Bengal 0920-:, (etu Prakashani, Kolkata, (eptem!er :?, pp#6O61 69=#
