*Associate Professor in Economics, DAVPG College, Varanasi, U.P, India Email id: vimalssingh@gmail.com
**Research Scholar, Department of Commerce, Savitribai Phule Pune University, Maharastra, India Email id: knowanshu@gmail.com
***Research Scholar, Department of Economics, Banaras Hindu University, Varanasi, U.P, India Email id: madhulikajo9@gmail.com
Online published on 12 February, 2021.
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 ofperspectives 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.
New Institutional Economics, Institutionalist Political Economy, Neo-liberalism, Douglas North, Modi Government, Institutional Reforms
