ABSTRACT

In this chapter, we will reflect on the Indian growth process from a Latin American demand-led perspective: first reflecting on the Indian geopolitical insertion since the 1990s and then giving account and integrating the main elements introduced in the last two chapters under a demand-led understanding. Finally, we will make a parallelism between the Indian growth process since the 1990s and the Brazilian “miracle” since the 1970s. Under Belindia’s metaphor, we base our discussion on the debate between Furtado’s stagnationist growth models and Tavares and Serra’s “autonomous expenditure” approach to growth. Both in Brazil since the 1970s and in India since the 1990s, growth boomed, income inequality increased, and the US contributed to finance the external sector. In this context, the state has occupied a main role in financing and developing infrastructure and upper-class/caste autonomous consumption. In historical terms, in the Brazilian case, a “triple alliance” was constituted as an implicit arrangement between the military government, the multinational corporations, and the domestic national groups. The Indian business groups, the multinational firms, and the government (upper segments of the bureaucracy and the main political parties) are the main components of the post-1990s Indian “triplé”.