The Symbiotic Relationship Between Corporate Capitalism and Populist Leadership in India

There has been a drastic expansion of large corporate groups in the state, such as Reliance, under the Modi administration. The interconnectedness of corporations with political leaders, which influences the state's policy decisions, has created crony capitalism. The consequences of populism in India are evident in centralised power, clampdowns on dissent, and discriminatory laws. To secure electoral backing, welfare programmes have been brought up. However, the state’s income inequality rates are alarming. Populism in India is concomitant with pro-business reforms and the elite, transforming into a corporatocracy. Privatisation increased exponentially, with clear, easy business compliance and tax cuts began for corporates. Even though GDP increased, unemployment rates have fallen, and inequality has risen. Corporate funding is a major source of funding for the BJP government via electoral bonds. This has resulted in severe governance issues, including the corrosion of institutional independence and credibility, the weakening of democracy, poor labour protection, and the privatisation of the public health sector. The study analyses theoretical frameworks of Ernesto Laclau’s Discourse theory of populism, David Harvey’s accumulation by dispossession, and Christopher Jaffrelot's majoritarian populism. The study uses a qualitative approach to analyse the government policies, news articles, and journals within this theoretical framework. The study finds that Hindu nationalism and welfare policies, with contradictory pro-corporate policies, have helped them sustain their hold on governance. Modi’s Gujarat Model is dubbed an example of this agenda, where growth simply resonates with development through his vision of ‘Viksit Bharat’, contradicting Amartya Sen’s concept of development and the V-Dem 2026 democracy index's drop to 105th. The issues of authoritarian populism in India are analysed using data and supported by a strong theoretical framework.