Question

Which of the following statements are true about Indian economic thought?

1. Chanakya's 'Arthashastra' emphasized the importance of sound policies for national progress and is considered a cornerstone of Indian economic thought.
2. Dadabhai Naoroji's 'Drain Theory' posited that British rule benefited India by improving its economic infrastructure.
3. Mahatma Gandhi's economic philosophy prioritized large-scale industrialization and urban development.
4. Amartya Sen, a Nobel laureate, focused his research on areas such as welfare economics, inequality, and poverty.

• A. i, iv
• B. i
• C. i, iii
• D. iv മാത്രം

Answer 1

Answer:

A. i, iv

INDIA’S ECONOMIC THOUGHTS

Chanakya

• Chanakya, the chief advisor of Chandragupta Maurya, wrote the famous ‘Arthasasthra”, a major work of the Indian economic thoughts.
  

• He emphasized the importance of following the right policies for a nation’s progress. He played a key role in making Magadha a powerful nation

Dadabhai Naoroji

• He was a well-known economist in British India. He pointed out that the Britishers were draining our resources and that this led to economic crisis and poverty, known as the Drain Theory.

• The studies of Ramesh Chandra Dutt on British exploitation of India also strengthened the Indian economic thought. His studies revealed how the western civilization and British exploitation ruined India

Mahatma Gandhi

• Contributed original ideas in Economics since Dadabhai Naoroji. His ideas can be found in his first book “Hind Swaraj”, published in 1909

We can compile his main ideas as follows:

• Priority to rural-agricultural system.
  

• Emphasis on small and cottage industries.
  

• Formation of an economy built on equality.
  

• A self sufficient and self-reliant local economy

  
  

Amartya Sen

• Indian economist, who received the Nobel Prize for Economics in 1998.
  

• His major works covered vast areas like welfare economics, economic inequality, and development.
  

• He pointed out the flaws in determining the poverty line and concentrated his studies on poverty, inequality, and famine