Ambedkar: An Economist Extraordinaire

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BABASAHEB AMBEDKAR was an intellectual colossus. He was a multi-faceted genius whose outstanding contribution in such diverse fields as law, sociology, political science, anthropology and comparative religion are well recognized. However, there is one crucial aspect of his multifarious genius that has remained surprisingly neglected far too long, namely, his phenomenal contribution as an economist. As a matter of fact, Ambedkar was easily one of the most highly educated Economists in our country, with MA and PhD in Economics from Columbia University, USA and DSc from the London School of Economics.

Ambedkar’s Ph.D. dissertation at Columbia University, USA (1917), ‘The Evolution of Provincial Finance in British India’ is a seminal contribution to the field of Public Finance, analysing evolution of the Centre-State financial relations in British India. His D.Sc. dissertation at London School of Economics (1923), ‘The Problem of the Rupee: Its Origin and Its Solution,’ his magnum opus, is a major contribution to the field of Monetary Economics. In 1942, when Ambedkar was appointed as a Member (Minister) in the Viceroy’s Executive Council, he emerged as an Economic Administrator par excellence and made remarkable contributions in respect of labour welfare, employment and skill development, power, water management, mineral resource management and public works.

The Indian society has done a great injustice to itself by ignoring the economic thoughts of Ambedkar. After all, his economic thoughts were not parochial. What Ambedkar always had in mind was in the best interest of the nation as a whole. To brand him only as a leader of the downtrodden in India is an insult to this great patriot. What is equally disheartening is depriving the Indian society of the benefit of his economic thoughts, an act which is self-defeating for India as a nation. It is, therefore, imperative to bring out the contributions of Ambedkar, both in the field of economics in general and in addressing India’s economic problems.

ABOUT THE AUTHOR Narendra Jadhav

Narendra Jadhav is a leading educationist, eminent economist,policy maker, well-known social scientist and author of numerous books including Untouchables, Outcaste: A Memoir, Life and Triumphs of an Untouchable Family In India. Dr. Ambedkar: Economic Thought and Philosophy and a trilogy on Rabindranath Tagores works. Doctorate in Economics from Indiana University, he is currently serving as a Member, Planning Commission (in the rank and status of Union Minister of State) where Jadhavs sectoral responsibilities include Education, Labour-Employment-Skill Development and Social Justice and Empowerment. In addition, he looks after the States of Bihar, Tamil Nadu, and Goa, besides the Union Territories of Diu-Daman and Dadra-Nagar Haveli. Narendra Jadhav has also been serving as a Member, National Advisory Council (NAC), chaired by Sonia Gandhi, with effect from May 31, 2010. A celebrated public figure, he is the recipient of as many as 55 national and international awards including four Honorary D. Lit Degrees and the title of the Commander of the Order of Academic Palms by the Government of France for his contribution to the fields of economics, education, literature, culture and social work.