India's 1991 economic liberalization, aimed at market growth through deregulation and privatization, paradoxically deepened social exclusion, disproportionately affecting marginalized groups like Scheduled Castes (SCs), Scheduled Tribes (STs), OBCs, and women by reducing state welfare, displacing traditional livelihoods, and increasing disparities, with caste dynamics re-emerging as key economic differentiators, leaving many vulnerable behind despite overall economic expansion.