Dr. B. R Ambedkar Economics Idea and Contribution

The Economic Ideas of Dr. B. R. Ambedkar are highly commendable in quality and highly appreciable by his in-depth knowledge cum research. The Research paper aims at highlighting the Economic Ideas of Dr. B. R. Ambedkar, which has contributed highly for the Economic Development. Economics is a subject which has always associated with every walk of our life. Dr. B. R. Ambedkar was an economic theorist of originality, who was aware of contemporary research and wrote on many aspects that too in such a young age. His work was recognized by the world economists. Ambedkar was one of the pioneers who examine the relationship between socio-polity variables and economy in India on the one hand and role of development projects in transfonning India on the other. He was the first Indian economist who comprehensively studied the public finances, and taxation and also the monetary standards of British India, and explained the adverse effects of both the internal and external taxes on local business in British India. He also wrote detailed notes on Indian currency, development strategy, state socialism and nationalization, population and demographic aspects including family planning, women development, human capital, Hindu economy etc. He argues that poverty of the depressed backward classes in India is 'Contingent Poverty', which is due to the unjustified, unequal distribution of natural resources and their denial to the poor. He further emphasized that the existing economic system promotes and perpetuates exploitation and inequalities. Ambedkar’s views on the rupee and on public finance were responses to the raging economic problems of the day and not all of his analysis may be relevant today.