Evolution Of Indian Economy

Evolution Of Indian Economy:-As we all know when we talk about economics, we all think about Adam Smith (1723-1790) Scottish economist who is known as the father of economics but, in India economics was evolved be back in 300 BC yes you read that right Chanakya was the first Indian economist to be known.

Chanakya part in Evolution Of Indian Economy

He is also known as Kautilya or Vishnugupta. He was born in 375BC at Taxila (now in Pakistan) in a poor brahmin family. He grew up to be a well-read young man with knowledge in a variety of subjects including Economics, Political Science, war strategy, medicine and Astrology. Later on, he was an ancient teacher, Economist, Philosopher, Royal Advisor and Jurist. It was believed that he was fully knowledgeable concerning Vedas literature. He wrote Arthshastra which is about statecraft, Economic policy and military strategy.

Evolution Of Indian Economy
Evolution Of Indian Economy

Chanakya was the actual kingmaker and man behind the great Hindu ruler, ‘Chandragupt Maurya’ but this is not about economics mainly so we will read about Chanakya’s taxation systems. He was very smart with his plans and believed taxation should be linear. He emphasizes fairness and stability of tax structure and subsidies to encourage capital formation.

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He was a great Economist without any doubt but he is not called as Father of Economics because it is believed that the book he wrote”Arthshastra” was lost and it could not benefit Economists like Adam Smith, Alfred Marshall and others. However, his books were rediscovered in the 12th century.

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  • Nycc article, Written in good way. Love to read it.

  • Nice article

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