Answer:

Introduction:

In the contemporary era, the juxtaposition of rapidly evolving digital technologies, unregulated globalization, and escalating economic inequality poses a complex triad of challenges to the democratic ethos and governance. Particularly in India, a vibrant democracy with a burgeoning digital economy, these forces interact in ways that stress its constitutional principles of equality, liberty, and fraternity. 

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Challenges Posed by Digital Technologies:

• The advent of digital technologies has revolutionized communication and information dissemination in India. With over 750 million internet users as of early 2023, India’s digital landscape has democratized information access.
• However, the proliferation of fake news, misinformation, and hate speech on social media platforms has polarized public opinion and manipulated electoral processes, thus undermining the democratic principle of an informed citizenry.
• For instance, the widespread WhatsApp rumors leading to mob lynchings are a testament to how digital platforms can disrupt social harmony and public trust.
• Moreover, surveillance technologies have equipped the state with unprecedented oversight capabilities. 
• The putative use of Pegasus spyware to monitor activists, journalists, and politicians encroaches on the fundamental right to privacy, thereby challenging the democratic pillar of individual freedom.

Impact of Unregulated Globalization:

• Globalization, while opening economies and fostering international cooperation, has also facilitated a certain level of homogenization of culture and economics, sometimes impinging upon local industries and customs. 
• In India, the influx of foreign capital and enterprises has caused sectors like agriculture to struggle, as seen with the farmer protests in 2020-21 against laws perceived to favor corporate interests over small farmers. 
• This has raised questions about the democratic principle of protecting the marginalized and ensuring equitable policy-making that reflects the will of the people.
• Additionally, the free flow of capital across borders, with minimal checks, can lead to economic volatility, as seen during the 1991 balance of payment crisis which, despite leading to economic liberalization, showed the vulnerabilities of India’s economy to global shifts, affecting its economic sovereignty.

Escalating Economic Inequality:

• India’s economic growth has been impressive, yet it has not been equitable.
• According to the Oxfam India Inequality Report 2021, the wealth of Indian billionaires increased by 35% during the lockdown and the country’s new billionaire was created every ten days, while at the same time, 84% of households suffered income loss. 
• This stark inequality is not just an economic issue but a democratic one as well, as it leads to the concentration of power in the hands of a few, affecting policy-making and perpetuating a cycle of privilege that marginalizes the poor and undermines the principle of equal opportunity.
• The rise of crony capitalism, where the nexus between business magnates and political leaders distorts the free market and policy decisions, erodes the democratic ideal of fair competition and equality before the law. 
• For example, this is the alleged preferential treatment of certain industrialists for government contracts and loans, skewing the level playing field.

Conclusion:

The challenges posed by digital technologies, unregulated globalization, and economic inequality to democracy are not insurmountable, but they require vigilant regulation, responsive policy-making, and robust institutional mechanisms to uphold democratic values. In India, there is a pressing need for comprehensive data protection laws, fair digital literacy programs, and a balanced approach to globalization that protects domestic interests. To tackle inequality, policies must focus on inclusive growth, equitable taxation, and the eradication of corruption. Upholding democracy in the age of rapid change demands not just government action but also a collective commitment to the principles of justice, liberty, equality, and fraternity as enshrined in the Constitution of India. Only by addressing these challenges holistically can the world’s largest democracy hope to set a global example of how diversity and technology can coexist with democratic values and socio-economic equity.