MODULE-III: Indian Economy-I



MODULE-III: Indian Economy-IIntroduction to Indian Economy: Population, Agriculture, Industry and Service SectorsLET US UNDERSTAND THE HISTORY OF INDIAN ECONOMY FIRST:Classical Economic Thoughts of India:Classical economic thoughts of India are based on the ideas of Vedas, Upanishads, Epics etc. During the reign of Chandragupta, i.e., on 300 B.C., Kautilya wrote a valuable book on economics entitled “Arthashastra” This book depicts a complete picture of the rural and agrarian economy of ancient India relating to its agriculture, land relations, cottage industries, economic structure etc. Most of the classical economists of the world broadly accepted the ideas of Kautilya as a base for productivity of labour, exchequer (Revenue), tax, price determination, agriculture etc. Kautilya’s?“Arthashastra”?and various other ethics were primarily’ concerned with the problem of production and exchange while the other religious discourses primarily dealt with the problem of consumption and distribution.Indian philosophers during ancient times stressed much on the equal distribution of produced commodities among the general masses of the society. Economic Thoughts of Medieval Period in India:The Medieval period, which had its start from eighth century and continued upto eighteenth century, could not throw much light on the evolution of Indian economic thoughts. During this period kings like Ala-u-din Khilji, Mohammad Bin Tuglaque, Ferozshah, Shershah, Akbar etc. introduced certain measures for economic reforms for the upliftment of the Indian economy. Among various measures for economic reforms introduced during this period, land reforms and revenue reforms measures off Shershah, revenue reforms and other economic reforms of Akbar were remarkable. But most of the Indian kings and queens of medieval period were very much preoccupied with immaterial objects at the cost of material objects totally leading towards unnecessary wastage of resources. Thus after Kautilya near about 2000 years have passed away without having any serious development on Indian economic thoughts. ................
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