Ambedkar Jayanti 2021: As soon as the name of Dr. Bhimrao Ambedkar is mentioned, the mention of the Indian Constitution automatically comes. The whole world usually remembers him either as an important role in the making of the Indian Constitution or as a warrior who strongly criticized the discriminatory caste system and voiced against social equality. In both these forms, the immense role of Dr. Ambedkar cannot be underestimated. But Dr. Ambedkar, as a veteran economist, also made a very important contribution on the scale of the country and the world, which is rarely discussed.
Dr. Ambedkar was the first economist of the country to make international recognition
Today, even though most people remember him as the creator of the Indian Constitution and the messiah of Dalits, Dr. Ambedkar started his career as an economist. Dr. Ambedkar was the first economist in the country to get a PhD in Economics from an international university. He received his MA degree in Economics from the prestigious Columbia University of America in 1915. He also did his PhD in Economics in 1917 from the same university. Not only this, a few years later, he also obtained a master’s degree in economics and a Doctor of Science from the London School of Economics. The special thing is that during this period Baba Saheb received degrees from the most prestigious universities of the world, as well as continuously enriched the subject of economics with his talent and unique analytical ability.
Research paper written at Columbia University revealed the plunder of the East India Company
Dr. Ambedkar submitted a 42-page dessert at Columbia University in 1915 for his MA degree. In this research paper, titled “Administration and Finance of the East India Company”, he had described how the economic methods of the East India Company were against the interests of ordinary Indian citizens. Many scholars believe that the way Dr. Ambedkar has presented arguments with unmatched logical ability in this research paper, written as a student of MA, is a proof of his unmatched talent.
Young Ambedkar’s article highlighted the economic exploitation of the Indian public
Dr. Ambedkar has sharply criticized the policies of the British Raj in this research paper and with the help of facts and figures, has proved how the economic policies of Britain have ruined the Indian public. He has also told how the British Raj has been looting Indian wealth in the name of ‘Tribute’ and ‘Transfer’. The way Ambedkar has proved the exploitation of the Indian people in this article through solid economic arguments at the hands of the East India Company is an example of his deep patriotism. Dr. Ambedkar’s research paper, written as a young student of MA, is also compared to the book ‘Poverty and Un-British Rule in India’ by Dada Bhai Naoroji, which analyzes the plunder of Indian wealth under the British rule. It is believed to be the first important book to do.
PhD’s thesis became important book of public finance
The thesis that Dr. Ambedkar presented for his PhD at Columbia University in 1917 was also published in the form of a book in 1925. Published in the name of ‘Provincial Finance in British India’, this book is considered to be an important contributor to the theory of public finance. In this book, he has reviewed the financial relations of the Central and State Governments in British India between 1833 and 1921. His analysis was widely praised all over the world even at that time.
Edwin Robert Seligman, Professor and Political Scholar at Columbia University, praised Dr. Ambedkar’s PhD thesis, saying that he has never seen a more profound and comprehensive study on the subject anywhere in the world. This book by Dr. Ambedkar is known for making significant contributions to the theory of public finance, especially in the field of federal finance.
Major contribution of Dr. Ambedkar’s thesis in establishment of Finance Commission
Baba Saheb, as a PhD thesis, presented the arguments and ideas about financial relations between the Center and the States many years ago, it was considered to be very relevant in terms of preparing the blueprint of economic relations between the Center and the States in India after independence. is. Many scholars believe that the seed of the formation of the Finance Commission in India lies in this thesis of Dr. Ambedkar.
Casts light on Indian agricultural problems and hidden unemployment
In 1918, he wrote an important article on the issue of farming and form holdings, which was published in the Journal of the Indian Economic Society. In this article, he highlighted the problems related to the distribution of agricultural land in small farms in India and said that industrialization can be the only way to reduce the dependence of the population on agricultural land. The special thing is that Ambedkar in his article identified the problem of hidden unemployment at a time when this concept was not even discussed in the world of economics. Not only this, he had also identified the two-sector model of the economy in this article about three decades before veteran economist Arthur Louis.
Economist Ambedkar’s most popular book: ‘The Problem of the Rupee’
Dr. Ambedkar’s most popular book as an economist is ‘The Problem of the Rupee: Its Origin and Its Solution’. The sharp way in which Ambedkar has criticized the ideas of John Maynard Keynes, the great pioneer of economics in this book, published in 1923, is a testimony to his tremendous grip on economic policy and monetary economics. Keynes advocated the Gold Exchange Standard for the currency, while Ambedkar in his book lavishly advocated the Gold Standard, stating it in terms of price stability and the interest of the poor.
The impact of Dr. Ambedkar’s economic thinking in setting up the Reserve Bank of India
In this book, Ambedkar has not only explained what problems the Indian currency had to face during the years 1800 to 1920, but in this he also presented a blueprint of a suitable currency system for India. In 1925, he also put forward his ideas with full vigor in front of the Royal Commission on Indian Currency and Finance. The British government may not have implemented Ambedkar’s economic suggestions, but experts believe that the blueprint of the Indian currency system has contributed to the establishment of the Reserve Bank of India.
Played an important role in developing the economic structure of modern India
Dr. Ambedkar not only contributed significantly in the field of economic theories and analysis, but also after being a part of the government after independence, he did many things in which the country benefited from his deep economic acumen. There are many such works which started under Dr. Ambedkar’s guidance, from labor laws to river valley projects and the development of the infrastructure needed to provide electricity to all parts of the country.
Swaminathan suggested MSP 50 percent more than agricultural cost several decades ago
Ambedkar’s economic vision can also be gauged from the fact that decades before the MS Swaminathan commission’s recommendation came out, he suggested that the minimum support price (MSP) of agricultural produce should be at least 50 per cent higher than the cost. . Along with scientific achievements in the development of agriculture sector, he also emphasized the importance of land reform.
Contribute to the development of infrastructure in important areas like electricity and water
Important organizations like Central Water Commission and Central Electricity Authority were also started in the country under his leadership. The roadmap for the development of electrical infrastructure in the country was formulated in the 1940s when Dr. Ambedkar was the Chairman of the Policy Committee on Public Works and Electric Power. He believed that in order to take the country forward on the path of industrial development, it is necessary to provide adequate and cheap electricity in all the areas of the country and for this there should be a centralized system.
Emphasis on the role of women, workers in economic development
Ambedkar had also done the work of highlighting the importance of women’s contribution in the economic development of the country at a time when few people talked about it or had understanding of this issue. The essential concept of maternity leave to make women a part of the economic workforce was also legalized by Dr. Ambedkar. The idea of giving insurance to the workers and compiling and publishing data related to labor was also originally given by Dr. Ambedkar. Apart from this, the country got the benefit of Dr. Ambedkar’s experience and his knowledge as an economist on many issues like poverty alleviation, education-industrialization and the importance of basic facilities.
Today it is also relevant to remember the architect of the Constitution Baba Saheb as well as the economist Ambedkar on the occasion of his birthday, because the current condition of both constitutional democracy and economy in the country is at the center of discussions and criticisms.
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