Multinational Research Society Publisher

The Role of Dr. B.R. Ambedkar's Economic Thoughts in Shaping Modern Indian Economic Policies


Sr No:
Page No: 51-60
Language: English
Authors: Vaishali Ratnakar Gangurde*
Received: 2025-11-02
Accepted: 2025-12-14
Published Date: 2025-12-27
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Abstract:
Dr. B.R. Ambedkar, renowned as a social reformer and the architect of the Indian Constitution, made profound contributions to economics, particularly in addressing social and economic inequalities. His seminal work, The Problem of the Rupee: Its Origin and Its Solution, influenced the creation of the Reserve Bank of India, emphasizing monetary stability and financial governance. Ambedkar championed labor rights, advocating for fair wages, humane working conditions, and social security, which became foundational to India’s labor laws. He also called for land reforms to address economic disparities and empower marginalized farmers. Ambedkar viewed industrialization as a tool for breaking caste-based occupational rigidity and fostering economic mobility. His advocacy for affirmative action and reservations in education and employment aimed at integrating marginalized communities into the economic mainstream. Ambedkar’s ideas on social justice and economic inclusivity have profoundly shaped modern Indian economic policies, focusing on equity, empowerment, and sustainable development. Dr. B.R. Ambedkar’s vision for social justice and economic inclusivity was centered on dismantling systemic inequalities and ensuring equitable access to resources and opportunities for marginalized communities. He believed economic empowerment was integral to achieving true social equality and emphasized state intervention to rectify historical injustices. His advocacy for land reforms, fair labor practices, and industrialization aimed to uplift the oppressed and promote economic mobility. Ambedkar pioneered affirmative action policies, including reservations in education and employment, to integrate marginalized groups into the economic mainstream. His inclusive vision continues to guide India’s policies in promoting equity and social justice. This study examines Dr. B.R. Ambedkar's economic philosophy and its impact on shaping modern Indian economic policies, particularly in promoting social justice and inclusivity. The objectives include analyzing Ambedkar's contributions to labor rights, land reforms, and financial autonomy, and evaluating their influence on contemporary policies like affirmative action and welfare programs. Using a qualitative approach, the research reviews Ambedkar’s works, policy documents, and scholarly analyses to trace the relevance of his ideas. Key findings reveal that Ambedkar's advocacy for equitable resource distribution, labor welfare, and economic empowerment of marginalized communities significantly influenced India’s post-independence economic strategies and frameworks.
Keywords: Economic Philosophy, Indian Economic Policies, Social Justice, Economic Inclusivity, Labour Rights, Monetary Policy.

Journal: MRS Journal of Multidisciplinary Research and Studies
ISSN(Online): 3049-1398
Publisher: MRS Publisher
Frequency: Monthly
Language: English

The Role of Dr. B.R. Ambedkar's Economic Thoughts in Shaping Modern Indian Economic Policies