Indian business in the colonial and postcolonial period: Quest for hegemonic influence over Indian society

Abstract

This paper studies how the Indian business class, which from being among the most advanced in the world, was crushed in the colonial period and how in the colonial period itself, it made major attempts to fight back and re-establish itself. This it did by aligning with the Indian national movement and evolving a critique of imperialism. It also discusses how the business class positioned itself politically and ideologically in such a manner during the national movement and in the early years after independence that its influence over Indian society as a whole remained considerable despite a major offensive from the Left. This involved a complex enmeshing of societal interest with their long-term class interest. However, soon after the initial years of independence, the business class increasingly failed, except on a few occasions, to demonstrate a long-term view of society which would also be in their long-term interest.¹