ve below the poverty line. A recent report by the World Bank estimates that an additional 300 million people live in low-income groups just above the poverty line. And the Asian Development Bank estimates that 70% of rural households do not have a basic savings account.On the positive side, India s democratic system, history of entrepreneurship and culture of public service are throwing up exciting new business models. India is the origin of the 3-U.S.-cent mobile-phone call,cheap toms shoes, the 2-cent sachets of brand-name soaps, shampoos and washing detergents and the $2,500 car. The vast domestic low-income market means that India will continue to pioneer cost reductions in a variety of manufactured products and services.India is also emerging as one of the leading global laboratories for social entrepreneurship,toms shoes sale, which marries business and development objectives. Promising experiments in community ownership are underway, such as the move toward mandating equity stakes in mining industries to affected communities and Fabindia s initiative to give equity stakes in supplier companies to rural producer communities. Innovative business models for the commercial low-cost provision of drinking water, healthcare,toms kids shoes, teacher-training programs and microcredit underway in India could change the way that these services are conceptualized and delivered in the rest of the world and these may well be India s lasting contribution to capitalism.On the negative side, India s shift to capitalism also includes an erosion of entitlements. The shifting of natural resources such as land, mineral wealth, water bodies and forests that were historically used as community commons to private-title holdings is often achieved at artificially low prices using coercive methods and sub-optimal compensation packages, disproportionately affecting those at the lowest end of the economic and social spectrum. An armed Maoist insurgency, ostensibly based on grievances related to access to forests and displacement due to mining projects, continues to fester in 83 of the 593 administrative districts across the country.Poor regulatory structures and the ability of economic elites to influence regulation and amend contracts to their benefit also subvert truly competitive markets in many arenas. India s ratio of dollar billionaires to total economic output is second only to Russia, raising uncomfortable comparisons to both oligarchic Russia and the late 19th century gilded age of robber barons in the U.S. Perhaps most depressing is that in many areas, the Indian economy now resembles an “elitist market economy” (aptly coined by Chinese Economist Liu Guoguang to criticize similar problems in that country) where traditional privileges for the elite and discrimination based on caste, religion and gender coexists with the shift to a nominally free market and modern economy.Is the dominant narrative of India s tryst with capitalism over the next two decades going to be a positive one, lifting millions out of poverty and adding innovative new business models that enrich capital Related articles:

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