Contribution of Indian Knowledge System in Economics

ABSTRACT The Indian knowledge system is a framework which is transmitted from one generation to another. It is not only a tradition but it is a transfer of knowledge. It has some positive impact on the law, governance and commerce. It helps in solving the economic issues of commerce, trade, manufacturing and sustainable development. The global problems can be solved with the help of Indian knowledge system by its approach like Jan Bhagidari programme and program for creating employment opportunities for citizens. It helps in reducing the regional disparity between countries by facilitating the creative economies. The concept of Indian knowledge system is also fostering the integration of different economy through its Vasudev Kutumbakam concept, this is the foundation of globalisation. The Indian knowledge system is integrated with economics because it is incomplete without including the important contribution of Chanakya, who was the author of book Arthashastra. The Indian knowledge system given by Chanakya was focused on that part of economy which provide insight about the resource management, regulation of trade and development of infrastructure for public. We can see the contribution of ancient thinkers on taxation, prosperity, economic growth, trade policies, economic stability and interest rate. We can not ignore the contribution of old knowledge system in economic development and policies. The approach of caveat venditor and caveat emptor is not new it was discussed earlier in ancient period also but at that time the buyers should be aware about the unfair practices but in present time the seller should be aware because the customers are the kingpin and the whole market is surrounded towards customers. In the same manner the wealth and welfare concept of economics is not new. It was given first in ancient period by Shukracharya in his Shukraneeti. In the same manner Narada smriti talked about fiscal policy. The concept of globalization is also not a new idea rather it was already discussed and explained as a concept of Vasudhaiva Kutumbakam means world is one family. It promotes global unity. This is originated from Maha Upnishada. This is concept used in the vision for global cooperation for economic development, sustainable living and environmental protection. This phrase was used as a motto for G20 summit. It represent the integration of nations for the transfer of goods and services for the economic development. By exploring the traditional Indian knowledge system we can get new economic ideas for balancing the equilibrium in economy and making economy more prosperous. Keywords: Indian Knowledge System, Arthashastra, Shukracharya, Vasudhaiva Kutumbakam, economy and Equilibrium.