INDIAN ECONOMIC THOUGHT

 "The study of Indian economics is the study of the spinning wheel"

       -Mahathma Gandhi- 

Indian economic thought is a special area in the economy. The study of Indian economic ideas provides about India's economy, culture, tradition, and inherent national characteristics. Indian economic thought has some special features. Those economic ideas are descriptive and not analytical. Those economic ideas were mixed with politics. We can mainly classify Indian economic thought into two as ancient Indian economic thought and modern Indian economic thought.

Ancient Indian Economic Thought

The sources of information available for the study of ancient Indian economic thought are Vedas, Arthasastra, the Upanishads, Ramayana and Mahabharata, and Niti Shastras. Kautilya and Thiruvalluvar were the most important thinkers in that era. They have covered almost every aspect of the theory and practice of economics. Such as, nature and purpose of material wealth, agriculture, labour, trade, population, welfare state, private property, interest, production and consumption, public finance, poverty and so on.

Modern Indian Economic Thought

Economic thought in modern India was largely influenced by the British rule in India. Dadabhai Naoroji, M.K.Gandhi, Mahadev Govind Ranade and Dr. B.R. Ambedkar were the most important thinkers in that era. They have also covered some aspects of the theory and practice of economics. Such as, poverty, industrialisation, decentralisation, the food problem, population, land reform, currency problem and so on.

In conclusion, Indian economic thought has a long and rich history. The early Indian economists have developed a number of concepts that are still relevant today and later Indian economists have continued to develop these ideas further. 

By: Punya Lakmali & Kaveesha Sathsarani

Source: UNIT-V INDIAN ECONOMIC THOUGHT, https://gacbe.ac.in/pdf/ematerial/18BEC64C-U5.pdf

Image credit: Pinterest : https://pin.it/5EJJr6G