The paper takes into account the trajectory of the Indian economic growth since the start neoliberal reforms (1991). By adopting a political economy perspective, the paper aims to highlight the uneven social impact of the reform process. In doing so, the paper summarizes specifically a) the nature of the contemporary agrarian crisis and its social implications; b) the impact of neoliberal reforms on labour generation, with specific attention to the secondary and tertiary sectors’ growth trajectories; c) the poverty and food insecurity questions. The paper maintains that the benefits of the reforms have been fundamentally spread on the upper-middle strata of the Indian society. It finally argues for a paradigm shift in addressing development issues in order to meet the need for a socially inclusive and even growth.