<p>India’s post-1991 liberalisation ushered in rapid economic growth, rising per-capita income, and declining poverty, creating a new economic elite and expanding opportunities in emerging sectors. Yet these macro-level gains raise a critical question: to what extent have Muslims benefited from this transformation, particularly in relation to pre-existing patterns of socio-economic disadvantage? This paper examines how neoliberal reforms in India, popularly known as Liberalisation, Privatisation, and Globalisation (LPG), have reshaped the socio-economic, occupational, and political position of Muslims. Drawing upon the frameworks of political economy, social exclusion, and intersectionality, the paper examines how liberalisation is associated with increased vulnerabilities among Muslim artisanal and informal-sector workers, alongside constraints on their political agency. Using secondary data, government reports, and field insights from India in general and Uttar Pradesh, the study shows that Muslims remain disproportionately concentrated in informal and artisanal occupations that have experienced decline under market restructuring. Simultaneously, their representation in public employment and legislative institutions has stagnated or decreased relative to population share. The paper argues that economic restructuring and majoritarian political mobilisation appear to operate in mutually reinforcing ways, with implications for material mobility and political voice. The paper examines how liberalisation is linked to changing patterns of vulnerability. By linking macroeconomic policy transitions to occupational transformation and representation patterns, the study contributes to debates on minority marginalisation in contemporary India.</p>