Vimal Shankar Singh
World is moving from socialist to capitalist’s mode of economy with an objective of fostering development with unabated pace for which
nations are searching alternative approach of development. New institutional economics (NIE) is one such approach that has emerged
recently which addresses issues of economic growth from a wide range of perspectives such as political, cultural, legal, behavioral and
social. The present-day NDA Government in India, led by Shri Narendra Modi is an epitome of this. This paper is exploratory and attempts
an in-depth analysis of how the Modi Government has positioned the Indian economy on the trajectory of institutional development. His
government has created both formal and informal institutional framework for creating, regulating, transforming markets and auguring the
economy. In fact, Modi government plank for institutional development is aimed at fostering the mission of sowing the seeds of
capitalism and India’s growth take-off.
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