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  • Chapter 27 - India Stack

  • from Part IV - Digital Technologies and the Future of Financial Infrastructure
  • Edited by Carola Westermeier, Max Planck Institute for the Study of Societies, Malcolm Campbell-Verduyn, University of Groningen, Barbara Brandl, Goethe-Universität Frankfurt
  • Book:
    The Cambridge Global Handbook of Financial Infrastructure
    Published online:
    21 May 2025
    Print publication:
    05 June 2025, pp 336-346
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  • Summary

    This chapter discusses the political economy facets of the relationship between the Indian state and the unlikely rollout of a mega-scale financial architecture known as India Stack. How did a state historically inadequate at providing public goods at scale roll out a postindustrial project of mega-proportions in record time? What are the distributional outcomes and the social meanings that arise from such an undertaking? The chapter shows that the materiality and legitimacy of India Stack rests upon the historical continuations of, or, in some cases, departures from, collective understandings in society and business about the role of the state. The chapter explores the calculations, coercions, and creativity of the India Stack infrastructure. The state’s infrastructural gaze has been central to the endeavor of the fintech infrastructure that offers both continuity and departure from the way the Indian state has functioned historically.