The past two decades have seen strongly "corporate-led" growth, with massive rises in the ratio of profits and interest to GDP. Much of this is related to what Marx had called "primitive accumulation" - the use of extra-economic means to extract resources and surpluses. The role played by the Indian state has been crucial in this.
Thus the state, at different levels of government - not just central but state and local levels too - has been critical in the handing over of natural resources to private players: land of course (as the recent controversies about land transfers and land use changes make all too evident); mineral resources; spectrum; water; and so on.
It has provided tax breaks and other fiscal incentives to encourage higher profitability of corporate investment.
It has made available financial resources, including credit provided through public sector banks, at rates of interest that smaller entrepreneurs can only dream of.
It has turned a blind eye to blatant abuse of many legal provisions and laws that protect workers, local people and other stakeholders, if these are seen to interfere with the aggressive pursuit of profit.
All this has been done in the name of growth, because the government's officially stated position is that GDP growth is the best indicator of the economic well-being of the people, and that such GDP growth is in turn best delivered through private corporate economic activity. Therefore the government's job is to provide enabling conditions and encouragement to such private players.
Image: Mukesh Ambani, chairman of Reliance Industries Limited and the richest Indian, poses with his mother Kokilaben Ambani (L), wife Nita Ambani (C) and daughter Isha Ambani (R) before addressing the annual shareholders meeting in Mumbai.