of poverty, unemployment, and inflation, no economic exploitation, and social justice. It may seem that had Dr. Ambedkar chosen to pursue only economics as his career, he could have been one of the top ten economists in the world during his time. But his contributions far exceed those of any economist. Dr. Ambedkar applied economic principles and research practically in the context of Indian society. A research paper is only valuable when it has practical applications, and Dr. Ambedkar’ s transformation of the Indian social system brought his economic theories to life.
In 1923, Baba Saheb discussed the need for a finance commission to report every five years. He was instrumental in creating the framework for the establishment of the Reserve Bank of India( RBI)( through the Hilton Young Commission in 1925). The RBI adopted this framework and even issued coins in Baba Saheb’ s name in honor of its 81st anniversary. Dr. Ambedkar advocated for large-scale industries but also recognized agriculture as the backbone of society. While emphasizing industrial growth, he also acknowledged that agriculture should not be neglected, as it provides food for the growing population and raw materials for industries. He argued that as the country developed, agriculture would serve as the foundation upon which modern India would be built. For this, he advocated revolutionary steps for the reorganization of the agricultural sector.
Dr. Ambedkar was a strong advocate for the nationalization of agricultural land, where landowners would be issued proportional value bonds instead of land. He believed that the state should plan the economic life of the people in a way that maximizes productivity and ensures that there is no shortage of demand for private industries. Additionally, provisions for the equal distribution of wealth were also proposed. In this planned system, state ownership of agriculture was suggested, where collective farming would be promoted, and state-managed socialism would be implemented in the industrial sector. Dr. Ambedkar believed that better outcomes in agriculture and industry could only be achieved if the state provided the necessary capital.
A review of Dr. Ambedkar’ s entire life shows that his thinking and his life were always dedicated to this nation and its society. He thought deeply about establishing a democratic and socialist economic framework suited to the nation’ s context, addressing issues such as working hours for laborers, conditions for female workers, life insurance for workers, and other measures to strengthen India’ s economic structure. These were some of the crucial steps Dr. Ambedkar took to build a stronger economic foundation for India. �
April 2025 | Dalit Andolan Patrika 13