ABSTRACT
Until recently, India was regarded (along with China) as one of the ‘success stories’ of
globalisation, likely to emerge into a giant economy and global economic power in the
twenty-first century. The perception of a vibrant democracy on the move, especially in
economic terms, was reinforced by an economic boom that has been relatively prolonged,
with a confident capitalist class increasingly taking on the world not only in exports but
also through investment abroad, euphoria in the financial markets and growing self-confi-
dence among the elite, professional and middle classes.
