Capitalism has reshaped the traditional societal values in India to a great extent. It has led to profound changes in social, cultural, political as well economic aspects of Indian society in various ways as mentioned below –
1. Materialism and Consumerism
Consumption has significantly increased since the rise of capitalism. The demand for luxury products and the yearning for a higher level of living has doubled.
2. Relationships and the Structure of Families
There is increase in nuclear families as a result of urbanization and economic liberalization. Increased career and educational mobility have undermined the conventional family unit.
3. Employment and Gender Roles
Women now have more options for employment and education due to the increasing economy’s need for a varied workforce and has led to break in traditional gender roles, more gender equality and independence.
4. Increase in Career aspirations
With the rise in popularity of new businesses like IT, banking, and the creative industries, there is a wider range of job options currently. There is emphasis on start-ups and entrepreneurship.
5. Class Structure and Social Mobility
The social mobility has greatly increased due to increase in economic opportunity. Social status is increasingly determined by meritocracy and financial achievement.