Reflective Shadows: Political Economy of the World Bank Lending to India

Abstract

India, one of the founding members of the World Bank, is also the Bank's single largest borrower since its inception. There are natural curiosities to know how the relationship between the two has evolved through fluctuations in India's political and economic scenario. Has the World Bank's work in India aligned itself with the country's own developmental agenda-facilitating or impeding the nation's progress? Based on years of grassroots-level experience in political processes, Nagesh Prabhu charts out a comprehensive assessment of various facets of this relationship. This book examines the relevance of the World Bank's lending to India across sectors and states, highlighting its influence on structural adjustments during the nation's pre- and post-liberalization phases. Bringing out the role of bureaucracy and industry in the country's negotiations with the Bank, the book also focuses on the effectiveness and impact of World Bank aid to India. It presents a factual reading of the Bank's influence within India's policy circles on sensitive macro-level issues, political upheavals, and state-level interventions in the federal context.