Relations of Production and Modes of Surplus Extraction in India: An Aggregate Study

Amit Basole and Deepankar Basu

Sanhati

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Abstract: This paper uses aggregate-level data as well as case-studies to trace the evolution of some key structural features of the Indian economy, relating both to the agricultural and the informal industrial sector. These aggregate trends are used to infer: (a) the dominant relations of production under which the vast majority of the Indian working people labour, and (b) the predominant ways in which the surplus labour of the direct producers is appropriated by the dominant classes. This summary account is meant to inform and link up with on-going attempts at radically restructuring Indian society.

Men make their own history, but they do not make it as they please; they do not make it under self-selected circumstances, but under circumstances existing already, given and transmitted from the past.
The Eighteenth Brumaire of Louis Bonaparte, Karl Marx.

INTRODUCTION
Assessing the nature and direction of economic development in India is an important theoretical and practical task with profound political and social implications. After all, any serious attempt at a radical restructuring of Indian society, if it is not to fall prey to empty utopianism, will need to base its long-term strategy on the historical trends in the evolution of the material conditions of life of the vast majority of the population. Attempting to contribute to past debates and as part of on-going attempts at radical transformation of Indian society, this paper tries to provide a summary account of the evolution of some key structural features of the Indian economy over the last few decades.

The principal questions that motivate this study are: what types of production relations does the vast majority of the working population in Indian agriculture and industry labor in? How is economic surplus appropriated from the producers? The aim is not merely to arrive at a label such as “capitalist,” “semi-feudal” etc; nor to enter into a debate over whether the transition to capitalism is occurring as expected or not. Rather we are motivated by a desire to understand the material conditions under which the working population labors and the manner in which it is exploited.

The analysis is largely pitched at the aggregate level, complemented, wherever possible, with micro-level studies and data. While a study of the structural evolution of the Indian economy is of interest in itself, this paper uses trends in the structural evolution of the Indian economy to make inferences about the mode of generation, appropriation and use of the surplus product in Indian society.1 The focus on surplus appropriation, in turn, is motivated by the Marxist idea that the form of extraction of unpaid surplus labour provides the key to understanding the structure and evolution of any class-divided society. This important insight was most clearly articulated by Marx in Volume III of Capital:

The specific economic form in which unpaid surplus labour is pumped out of the direct producers determines the relationship of domination and servitude, as this grows directly out of production itself and reacts back on it in turn as a determinant. On this is based the entire configuration of the economic community arising from the actual relations of production, and hence also its specific political form. It is in each case the direct relationship of the owners of the conditions of production to the immediate producers – a relationship whose particular form naturally corresponds always to a certain level of development of the type and manner of labour, and hence to its social productive power – in which we find the innermost secret, the hidden basis of the entire social edifice, and hence also the political form of the relationship of sovereignty and dependence, in short the specific form of the state in each case.(page 927, Marx, 1993; emphasis added.)

The emphasis on the form in which surplus labour is extracted from the direct producers is important and worth dwelling on a little. Every class divided society rests on the appropriation of unpaid surplus labour of the direct producers; the fact that one group of people can, due to their location in the process of production, appropriate the surplus labour of another group is what defines a class. The appropriation of the surplus labour of direct producers by the ruling class is as much true of a feudal organization of production as it is of a capitalist mode of production. What distinguishes the two is the form in which this surplus labour is appropriated by the ruling classes, not the fact of surplus extraction per se. It is only in the capitalist mode of production that the surplus labour of the direct producers, i.e., the workers, takes the form of surplus value and is mediated through the institution of wage-labour. While this makes the exploitation of workers less apparent under capitalism, it also distinguishes the capitalist mode of production from non-capitalist modes, where the appropriation of surplus labour is much more visible, direct and brutal. For instance, in the feudal organization of society in Medieval Europe, the surplus labour of the serf was immediately visible as the work he did on the lord’s land; the surplus labour took the form of the product of the serf’s labour. The visibility of exploitation, understood as the appropriation of unpaid labour time of the direct producers, is lost under capitalist relations of production; it is obscured by the institution of wage-labour.

The study attempts to identify the evolution of the modes of appropriation of surplus labour in India indirectly by studying the evolution of key structures of the Indian economy at the aggregate level. The underlying assumption of the whole study is that the evolution of the aggregate economic structures, like ownership patterns in the agrarian economy, the evolution of labour forms like tenancy, wage-labour, bonded labour, the size-distribution of firms in the informal sector, the patterns of employment and migration, the importance of merchant and finance capital, etc., can provide useful and reliable information about the mode of surplus extraction. While it is possible to form a picture of the aggregate evolution of the Indian economy using data available from sources like the NSSO, the Agricultural Census, the Census of India – and that is precisely what we do in this study – we are fully aware of the limitations of such aggregate accounts. Many micro-level variations are lost in the aggregate story and so, wherever possible, the aggregate picture is complemented with case studies.

The study is broadly divided into two sections, one dealing with the agrarian economy and the other with what has come to be called the “informal” industrial sector. This twin focus is motivated by several considerations. First, the agrarian economy accounts for the largest section of the country’s workforce and population; this makes it a natural focus of any study which attempts to understand the evolution of the Indian economy and society at the aggregate level. Second, while the non-agrarian economy consists of the industrial and the services sector, the majority of the workforce in these two sectors is, again, found in what has been called the “informal” sector; that is why this becomes one of the foci of this study. Third, to the extent that an understanding of the relations of production (and forms of surplus extraction) is at issue, the “formal” industrial and services sector are probably beyond the domain of any debate; most serious scholars and activists would agree that the “formal” sector is characterized by capitalist relations of production. Since, what seems to be at issue is the “correct” characterization of the relations of production and forms of surplus extraction in the agrarian economy and the non-agricultural “informal” sector, this study focuses on precisely these two as an intervention in the broader debate about the characterization of Indian society.

Here we present a summary account of our findings, first for the agricultural sector and then for the “informal” industrial sector and end by raising some political and philosophical issues for discussion; for more empirical details and sources of the data readers are requested to look at the full article (which is posted here as a pdf).

AGRICULTURE: TRENDS AND SUMMARY
Our analysis of aggregate level data has revealed the following significant trends in the agrarian economy of India:

1.The share of GDP contributed by agriculture has steadily declined over the last five decades; this decline has not been matched by a decline in the share of the workforce engaged in agriculture. The result of these two trends has been a declining share of per capita value added from the agricultural sector. This has essentially consigned a large section of the Indian working population to very low productivity (and low income) work.

2.The average size of agricultural holdings, both ownership and operational, has seen a steady decline over the last five decades, with the average ownership holding in 2002-03 being 0.73 hectares.

3.The ownership of land remains as skewed as it was five decades ago; several measures capture this skewed pattern of ownership in the agrarian economy. For instance, the Gini coefficient of landholding ownership concentration has remained practically unchanged between 1960-61 and 2002-03. In fact it has marginally increased between 1991-92 and 2002-03.

4. While the aggregate distribution of land ownership remains as skewed as before, interesting and important patterns are visible within this unchanging aggregate picture. The share of land owned by large (10 ha or more) and medium (4 ha to 10 ha) landholding families has steadily declined over the last few decades from around 60% to 34%; the share owned by small (1 ha to 2 ha) and marginal (less than 1 ha) landholding families has increased from around 21% to 43%, while the share of semi-medium (2 ha to 4 ha) families has remained unchanged at around 20%.

5.Parallel to this decline in the share of land held by large landholding families is their decline as a share of rural households; on the other hand, there is a large increase in the share of small and marginal landholding families among rural households. In 2002-03, 80% of rural households were marginal landholding families; the corresponding figure was 66% in 1960-61. Both these trends seem to indicate the declining economic, social and political power of the landowning class in India.

6.The geographical (inter-state) variation of landholding ownership pattern allows us to divide the Indian states into two groups: large landholding states, and small landholding states. In the “large” landholding states, a substantial share of total area is still owned by relatively large landholding families; in the “small” landholding states, the share of land held by large or medium landholding families is very small. The former group consists of: Andhra Pradesh, Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Punjab, Rajasthan; the second group consists of: Assam, Bihar, Himachal Pradesh, J&K, Kerala, Orissa, Tamil Nadu, Uttar Pradesh, West Bengal.

7.Going hand-in-hand with the decline in the share of land owned by large landowning families, is the steady decline of tenant cultivation and its gradual replacement by self cultivation in Indian agriculture. The share of operational holdings using tenant cultivation declined from about 24% in 1960-61 to about 10% in 2002-03. There are large geographical variations in the extent of tenancy, with the largest share of leased-in land as a share of total operated area occurring in Punjab and Haryana, two prominent examples of what we have called large landholding states; Orissa has high prevalence of tenancy and is an example of what we have called small landholding states. The proportion of area owned and the proportion of area operated by the different size-classes are almost equal; hence, there is no evidence of reverse tenancy on any substantial scale at the aggregate level, though this might hide reverse tenancy at state or regional level.

8.In most places where tenancy exists, the largest form of the tenancy contract is still sharecropping. In 2002-03, share cropping accounted for about 40% of the land under tenancy; this has more or less stayed constant over the decades. An important exception is Punjab and Haryana, the two states which have the largest share of leased-in land, where the predominant form of the tenancy contract is for fixed monetary payment.

9.Effective landlessness is large and has steadily increased over the past few decades. The share of effectively landless households in total rural households has increased from about 44% in 1960-61 to 60% in 2002-03.

10.Small holding agricultural production has increasingly become economically unviable over the years. In 2003, the average income from cultivation was insufficient to cover even the very low level of consumption expenditures of the majority of rural households. This is one of the primary causes behind the recent increase in rural indebtedness. This increasing difficulty of sustaining incomes through cultivation was probably what led close to 40% of farmers in 2005 to suggest, in the course of a NSSO Survey, that given a chance, they would opt out of agriculture. Changes in the agrarian structure of India seem to have already brought the question of collectivization on the historical agenda. We return to this point in the conclusion.

11. Disaggregating total incomes of rural households engaged in agriculture show that wage income has become the main source of income for a large majority of the population. For about 60% of the rural households in 2003, the major share of income came from wage work, supplemented by income coming from petty commodity production, both in the agricultural and non-agricultural sector. Another 20% of rural households drew equal shares of their total income from wage work and cultivation, both at about 40%.

12.Prevalence of informal sources of credit through moneylenders had seen a sharp decline over the 1960s and 1970s, but the decline seems to have been halted since the early 1980s. The moneylender has made a comeback in rural India, facilitated by a steady retreat of the institutions of formal credit.
13.There was significant capital accumulation in the agricultural sector during the 1970s and 1980s; this has drastically fallen during the 1980s and has picked up a little during the 1990s. The fall in the growth rate of capital formation has been largely driven by the fall in public sector investments in the agrarian economy.

Putting all these trends together, one is led to the following tentative conclusions (more in the nature of a working hypothesis): over the past few decades, the relations of production in the Indian agrarian economy have slowly evolved from what could be characterized as “semi-feudal” towards what can tentatively be termed “capitalist”; this conclusion emerges from the fact that the predominant mode of surplus extraction seems to be working through the institution of wage-labour, the defining feature of capitalism. Articulated to the global capitalist-imperialist system, the development of capitalism in the periphery has of course not led to the growth of income and living standards of the vast majority of the population. On the contrary, the agrarian economy has continued to stagnate and the majority of the rural population has been consigned to a life of poverty and misery.

Aggregate level data suggests that the two main forms through which the surplus product of direct producers is extracted are (a) surplus value through the institution of wage-labour (which rests on equal exchange), and (b) surplus value through unequal exchange (which mainly affects petty producers) where input prices are inflated and output prices deflated for the direct producers due to the presence of monopoly, monopsony and interlinking of markets; semi-feudal forms of surplus product extraction, through the institution of tenant cultivation and share cropping, has declined over time. Merchant and usurious capital continues to maintain a substantial presence in the life of the rural populace, both of which manage to appropriate a part of the surplus value created through wage-labour, apart from directly extracting surplus value from petty producers through unequal exchange.

The process of class differentiation has been considerably slowed down and complicated due to the steady incorporation of the Indian economy into the global capitalist system, which has supported and even encouraged the growth of a large “informal” production sector. This informal production sector can be best understood as being involved in petty commodity production, both of agricultural and nonagricultural commodities. Petty commodity production refers to the organization of production where the producer owns the means of production and primarily uses family and other forms of non-wage labour in the production process. Petty commodity production is exploited mainly by merchant and usurious capital where the main form of surplus extraction is through the mechanism of unequal exchange and not through the institution of wage-labour; unequal exchange is often facilitated and maintained through interlinked product, labour and credit markets. The coexistence of both wage-labour and petty commodity production, whereby landless labourers, marginal farmers and small farmers participate in both, in one as free labour and in the other as owner-producer, has impeded the development of proletarian class consciousness and complicated the task of revolutionary politics. It is to a detailed study of petty commodity production in the non-agricultural sector that we now turn.

INFORMAL INDUSTRY: TRENDS AND SUMMARY
In the second part of this study we have attempted to take a broad look at the organization of informal industry in India. In particular we have focused on the evolution of firm size, the types of production relations and the modes of surplus extraction prevailing in informal industry. The following conclusions can be drawn:

1. The industrial sector as a whole (formal and informal) has not expanded greatly in terms of employment in the past three decades and today stands at around 18% (compared to China’s 24%) of total employment in the Indian economy.

2. The informal sector still accounts for around 75% of industrial employment in India. The employment share of the formal sector in general and large-scale industry in particular has been stagnant for the past three decades.

3. Informal industry produces a wide variety of commodities including food products, textiles, wood and metal products and provides services to several types of heavier and more capital-intensive industry.

4. The number of informal firms and workers has been more of less stationary since the 1980s and the relative share of petty-proprietorships, marginal and small capitalist firms is also largely unaltered.

5. As expected most informal firms do not own substantial amounts of capital equipment. The land or building on which the firm is situated accounts for 60-80% of asset value for informal firms.

6. Even though GVA for the formal sector far outstrips GVA in the informal sector, value added in informal industry has increased significantly in the last decade. Since the number of workers has remained more or less the same, this suggests that labor productivity has been rising in this sector.

7. The relations of production in informal industry are neither purely independent producer (characterized by producer’s ownership of labor and capital) nor only industrial capitalist (characterized by a proletarian workforce and a real subsumption of labor to capital). Rather a spectrum of putting-out relations based on formal subsumption of labor and a reliance on extraction of absolute rather than relative surplus value is observed.

8. In addition to putting-out arrangements, nominally self-employed or independent producers are often locked into a relation of dependency vis-à-vis merchant and finance capital. This situation is closely analogous to the position of the peasant in the countryside with respect to intermediaries.

9. Piece-wages, unequal exchange, bonded labor, contingent and casual labor, and gender and caste oppression all conspire to increase the producer’s exploitation largely via extraction of absolute surplus value.

10. In the face of the failure of modern industry to expand satisfactorily, informal industry has acted as the “employer of last resort” for surplus labor in the agricultural sector. Relations of dependency and lack of resources as well as incentives for technical change keep informal workers trapped in low productivity, low wage work. Surplus labor, low wages and intense (self) exploitation in turn create disincentives for technical change.

CONCLUSION
By way of conclusion, we would like to raise some political and philosophical issues and questions for further discussion without in any way claiming to have arrived at any conclusive answers. Though both the authors largely agree to the aggregate trends presented above, we derive different political and social implications from these trends. This derives partly from different political and philosophical perspectives that both of us see ourselves closest to. Rather than paper over our differences, we therefore, present our alternative viewpoints, which might even be contradictory, for further debate and discussion.

The first issue that we would like to put forward for discussion is the continued centrality of the agrarian question to any project for revolutionizing Indian society. This follows simply from the fact that the majority of the working people in India are related, directly or indirectly, with the agricultural sector; this is a direct result of the failure of the structural transformation of the Indian economy. Any attempt, therefore, at radical reconstruction of Indian society will have to deal with the agrarian question effectively. Dealing with the agrarian question will mean, among other things, rapidly increasing the productivity of agricultural activity, the surest way to increase the income of the vast masses of the working people involved in agriculture and thereby create a home market for domestic industry.

But here we come up with some difficult questions that need to be addressed. Traditionally, the Marxist tradition has seen redistributive land reforms as essential to the project of dealing with the agrarian question. The reasons have primarily been political, though some economic arguments have also been developed.2 Politically, land reforms have been seen as a way to decisively break the power of the parasitic class of feudal and semi-feudal landlords; economically, it has been understood as creating conditions for the development of the productive forces in rural society, increasing the productivity of labour, creating a surplus for supporting industrialization and providing a market for domestic industry.

Using Lenin’s distinction between the Prussian and the American paths for bourgeois development in the rural economy lends credence to the call for redistributive land reforms. Discussing the “two forms” of bourgeois development out of the feudal and semi-feudal order characterized by serfdom, he says:

The survivals of serfdom may fall away either as a result of the transformation of landlord economy or as a result of the abolition of the landlord latifundia, i. e., either by reform or by revolution. Bourgeois development may proceed by having big landlord economies at the head, which will gradually become more and more bourgeois and gradually substitute bourgeois for feudal methods of exploitation. It may also proceed by having small peasant economies at the head, which in a revolutionary way, will remove the “excrescence” of the feudal latifundia from the social organism and then freely develop without them along the path of capitalist economy.

Those two paths of objectively possible bourgeois development we would call the Prussian path and the American path, respectively. In the first case feudal landlord economy slowly evolves into bourgeois, Junker landlord economy, which condemns the peasants to decades of most harrowing expropriation and bondage, while at the same time a small minority of Grossbauern (“big peasants”) arises. In the second case there is no landlord economy, or else it is broken up by revolution, which confiscates and splits up the feudal estates. In that case the peasant predominates, becomes the sole agent of agriculture, and evolves into a capitalist farmer. In the first case the main content of the evolution is transformation of feudal bondage into servitude and capitalist exploitation on the land of the feudal landlords—Junkers. In the second case the main background is transformation of the patriarchal peasant into a bourgeois farmer. (Lenin, 1907).

The three main communist streams in India, the Communist Party of India (Marxist), the Communist Party of India (Marxist-Leninist) Liberation and the Communist Party of India (Maoist) more or less accept this distinction, the first two explicitly and the last one implicitly.3 Hence, for all the three streams the main task (or axis) of the current stage of the Peoples (or New) Democratic Revolution is the agrarian revolution, with redistributive land reforms being one of its main tasks.

While it is true that India, because it did not witness any serious efforts at land reforms on a national scale, developed along the landlord path out of semi-feudalism, there are some important differences that need to be considered. One pole of landlord capitalism, viz., landlessness has been growing over the years; the other pole of landlord capitalism, viz., the continued dominance of a few “big peasants” seems to be at variance with the evidence. Aggregate level data about India that we have seen in the course of this study seems to throw up an unmistakable trend of the declining power of landlords (feudal or otherwise), not by any revolutionary means but just by the sheer pressure of demographic developments and economic stagnation. The total land owned by the large landholding families, the “big peasants” that Lenin refers to, have halved over the last five decades and today they own only about 12 percent of the total land. On the other hand, the land owned by medium-to-small landholding families has increased to over 65 percent. Does this, along with other evidence on the decline of tenancy and the increase of wage-labour, not indicate that the rural economy in India is inexorably being pushed in the direction of peasant capitalism? How would this important trend of the increasing dominance of peasant capitalism, and a gradual whittling down of landlord capitalism, change the course of the agrarian revolution? If landlords, as a class, are dwindling in economic and social power, is a programme aimed at breaking their political power still relevant? Is the contradiction between feudalism and the broad masses of the people still the principal contradiction in India today?
Another issue that will need to be addressed in the context of the slogan for redistributive land reforms is to see whether the resulting farms will be viable in any meaningful economic sense. Let us recall that the average size of ownership holding in India in 2003 was 0.81 hectares; so, the most equitable redistribution will result in the average holding of this size. If instead land is only taken from those owning more than 10 acres and all of it distributed among those currently owning less than 1 acre, then the average size of holding for those receiving redistributed land will roughly become 1.25 acres.

If we juxtapose this with the cost of cultivation data, we can easily see that agricultural units of approximately such sizes will not be economically viable in the sense of being able to generate any surplus product after sustaining a decent level of consumption of the producers. It is extremely doubtful whether these small farms can generate any economic surplus even after the onerous relations of unequal exchange have been removed from the picture. Can they, therefore, help in the industrialization effort by generating surplus or will they instead require a net resource flow in their direction with subsidized credit, power, inputs, etc. to continuously keep them viable? This question is extremely important as was shown in the immediate aftermath of the October revolution in Russia when the revolutionary regime was put in serious jeopardy by a severe food shortage.

The growth of capitalist relations, the continued fragmentation of the land, the decline in tenancy, the unviability of small-scale production and other related factors seem to suggest that a higher form of agrarian development, i.e., collective forms of agricultural production, is gradually being pushed on to the historical agenda of the revolutionary movements in India. Collective, cooperative and socialist forms of large-scale agriculture probably need to be seriously considered as an option emerging out of the very evolution of the material conditions of the vast masses of the working people. The agenda of redistributive land reforms creating bourgeois property in rural areas and facilitating capitalist development needs to be seriously rethought, not because of some ideological reasons but because the development of the agrarian structure seems to demand such a revaluation.

The second large issue raised by our study concerns the mode of industrialization of the Indian economy. It is relatively uncontroversial that a shift of the agricultural population into the secondary and tertiary sectors will be required in order to raise real incomes of the vast majority. How this transformation is to be achieved is the question. The structural transformation required to relieve above-mentioned pressures on agriculture cannot be left to the anarchy of the global capitalist market. The “market-friendly” post-1991 period has been witness to a type of growth that has resulted in rising inequality and increasing number of low-wage, contingent and informal jobs. However the contradictions and problems of the pre-Reform, “planning period” also need to be taken seriously. There is an urgent need to break out of certain simple binaries and equations which have been imposed upon us. The first binary is that between State-managed capitalism and market-oriented capitalism. India’s experience shows that the vast majority of the working population has suffered greatly in both regimes. In our struggle against a particularly predatory type of neoliberal capitalism (whose days may in any case be numbered given the global crisis), we must not find ourselves unwittingly arguing for a return to the bureaucratic and corrupt State. Rather the spectacular failure of the neoliberal model can be an opportunity to demand greater decentralization and more autonomous development. The various people’s movements have been articulating precisely such a model of development.

The second simple equation is between rural areas and agriculture on the one hand, and cities and industry on the other hand. The social and ecological contradictions of the large-scale, capital intensive model of industrialization must be taken seriously. Nowhere has this model produced high levels of employment in an ecologically sustainable fashion while giving producers a say in the running of the workplace. It is becoming increasingly clear that the economic viability of such industrialization is obtained only by cost externalization. The Indian experience points to the necessity for developing dispersed, low capital-intensity, sustainable models of industry that nevertheless raise real incomes of the majority (see Datye 1997 for one such model). This is not a utopian pipe-dream but rather a historical necessity if “development” is not to remain an unfulfilled promise for the majority of Indians.
None of the above can be taken only as a demand for better or more enlightened development policy. Rather it articulates what has already been emerging from social and political movements and in turn seeks to ground the political demands in an empirical and theoretical context. There is a need to extend revolutionary people’s movements rooted in peasant agriculture and national resource struggles into the rural, semi-urban and urban industrial milieu. The urgent question here is how can the dispersed industrial working class be effectively politically organized at a national level? This working class does not always resemble the “classical” doubly-free, urban industrial proletariat. Yet, our attempt here has show that it remains exploited nonetheless and can and should form an important component of left revolutionary politics. Is an artisan-peasant alliance a possibility for the near future?
There is a difference of opinion between the two of us on the question of the model of industrialization that might fruitfully accompany efforts at a radical restructuring of Indian society. While one of us believes, as has been stated in the above paragraphs, that a dispersed, low capital-intensity, sustainable model of industrialization emerges from the Indian experience, the other believes that the scale and geographic dispersal of industrialization per se does not lead to its being more democratic or ecologically sustainable. What is rather more important is the institutional setting within which the industrialization effort is embedded. A small-scale industrialization effort in the context of local level inequalities of class, caste and gender can reinforce those inequalities and nullify all attempts at democratic control of the production process; on the other hand, a large-scale, high capital intensity and centralized industrialization effort within a socialist context might be amenable to democratic control if the institutions of workers’ control are in place. Sustainability, again, seems to have more to do with proper cost-benefit analysis rather than the scale of production as such. In a socialist context, where the surplus product of society is democratically controlled, the pace and direction of technical change will be determined in a rational and scientific manner and not left to the anarchy of capitalist production and the imperatives of profit maximization. In such a setting, internalizing the environmental costs of production would flow naturally from the imperatives of all round social development.

Despite the differing views advanced above, we hope the this study and the accompanying reflections and speculations will serve to fuel discussion and debate among those working for a radical restructuring of Indian society along socialist principles.

(We would like to thanks Debarshi Das and Mohan Rao for helpful comments on an earlier version of the paper.)

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