Paradoxes of paradigm shift: Indian engagement with liberalization and globalization

India is regarded as one of the most important emerging powers. It has impressive growth rates, which seem to have their basis in the recent policies of liberalization, privatization and globalization (LPG). In spite of apparent success, a number of problems are associated with India's emergence. Supporters of LPG point to four structural bottlenecks: (i) energy, (ii) employment, (iii) education and (iv) environment. Critics, on the other hand, raise the issues of (i) a negative type of development involving pampering of corporates and marginalization of agriculturists and the unorganized sector and (ii) a deepening of disparities and divides due to the uneven impact of growth. The paper discusses these problems and draws a preliminary conclusion.