A New Transnational Capitalist Class?: Capital Flows, Business Networks and Entrepreneurs in the Indian Software Industry

Publication Type:

Journal Articles


Carol Upadhya


Economic and Political Weekly, Volume 39, Number 48, p.5141–5151 (2004)




The software industry has produced a new kind of transnational capitalist class in India. Most of the founders of software firms have come from the 'middle class', building on their cultural capital of higher education and social capital acquired through professional careers. This class, and the IT industry to which it belongs are also distinguished by their global integration and relative autonomy from the 'old' Indian economy dominated by the public sector and a nationalist capitalist class. The entry of multinationals into the IT industry has produced synergies that have helped it to grow and, for these reasons, the IT business class is also one of the most outspoken votaries of globalisation.


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