Contributions of Dr. B.R. Ambedkar to The Ind...

Contributions of Dr. B.R. Ambedkar to The Indian Constitution, Democratic Economy, Property Ownership, Gold Exchange Rate, And Financial Inclusion - A Theoretical Assessment

Author Name : Dr. G. Yoganandham, G. Elanchezhian, E. Mohammed Imran Khan

DOI: https://doi.org/11.56025/IJARESM.2023.11223534

ABSTRACT

Dr.B.R. Ambedkar opposed John Maynard Keynes' recommendation that India adopt a gold exchange system and advocated in favor of a gold standard. In his view, a gold exchange standard gave the issuer more power to control the money supply, endangering the stability of the unit of currency. Dr. B.R. Ambedkar, who lived from 1889 to 1956, significantly influenced the growth and development of contemporary India. He was unusual in that he combined the traits of a great scholar, statesman, and social revolutionist into one person. BhimRaoAmbedkar was a devoted pupil of Professor Seligman and a Ph.D. economist. He considered and analyzed a wide range of issues, including as caste and untouchability, as well as issues like land reform and India's foreign policy. He also worked as a lawyer and had a sharp legal mind.

Dr.B.R. Ambedkar wrote a lot about both the Indian monetary system and economics in general. Renowned economists including J.M. Keynes, Edwin R.A. Seligman, and Edwin Canon backed him. In 1924–1925, he testified before the Royal Commission on Indian Currency and Finance. State socialism is credited to B. R. Ambedkar as its creator. He felt that all of the nation's resources, including land, agriculture, and industry, should be subject to constitutional control by the State. Both the land reform movement and the state's economic expansion depended on him. He is credited with developing the first national irrigation program and the development of electrical power. His accomplishments include the formulation of the Indian Constitution, which serves as the country's legal and governmental foundation.Dr. Ambedkar maintained that it is necessary to nationalize fundamental and important industries. By assigning a job to a person in advance and selecting them based not on their skills or abilities but rather on the social standing of their parents, the caste system violates the idea of free choice.In  this background, the article’s theme is highly relevant to the modern context and need of the hour.

Keywords : Gold Standard, Currency, Untouchability, Foreign Policy, Land Reform, Economic Expansion, Indian  Constitution and Caste System.