Indian Economics (IND)

• Quizzes: 12

Indian economics has a rich historical context that blends traditional economic practices with colonial and post-colonial influences. Ancient Indian economic thought was grounded in texts like the Arthashastra, which advocated for state control of resources and emphasized trade, taxation, and fiscal policies. This tradition was deeply integrated with societal structures, emphasizing the role of Dharma (duty) and Artha (wealth) in economic functioning.

Under British colonial rule, India’s economic structure was significantly altered, with a focus on the extraction of resources for the benefit of the empire. This led to deindustrialization, agricultural distress, and the drain of wealth. Post-independence, the Indian economy adopted a mixed economy model, with substantial government intervention in industry and agriculture, emphasizing self-reliance and economic planning.

The post-1991 economic reforms marked a shift towards liberalization, opening up the economy to global markets, reducing state control, and encouraging privatization. These changes spurred rapid economic growth but also posed challenges like income inequality and environmental sustainability.

Indian economic thought continues to evolve, focusing on inclusive growth, sustainability, and technological innovation. It integrates ancient wisdom with modern practices, creating a unique approach to addressing economic challenges in the contemporary world.