India can proud of having famous economists from ancient times till now. These world-famous economists are from India even in recent times. You must have heard the name Amartya Sen, one of the most famous economists in the world. He won the Noble Prize for his contribution to the economy.
Let’s go through the following content to learn about the top 10 Indian economists.
Table of Contents
- Kautilya, the great Indian economist in ancient times
- Amartya Sen, one of the top economists in modern India
- Dr. Manmohan Singha-an Indian economist
- Dr. Rahuram Rajan-an Indian economist
- Dr.Arvind Subramanian-a top Indian economist
- Dr. Raja J. Chelliah-an Indian economist and Father of Tax Reforms in India.
- Dr. C.Rangarajan
- Dr. Shankar Acharya
- Dr. V.K.R.V.Rao-Founder of Delhi School of Economics
- Bimal Jalan—an Indian economist
- Jagdish Bhagwati, an Indian economist-Supporter of Free Trade and Economic Globalization
Kautilya,A Great Indian Economist in Ancient India
Kautilya was one of the great Indian economists, contemporary to Aristotle. He was a great classical thinker, philosopher, politician, and economist. Modern economists like Adam Smith, David Hume, David Ricardo, and John Stuart Mill did not have any influence from Kautilya as he wrote Arthashashtra in Sanskrit, and it was then not translated into any European language.
You can trace his thoughts on taxation, wealth, trade, international trade, and a Labour Theory of Value. The king has the right to collect taxes from his subjects. He believed in controlling the state economy, national wealth, and treasury of the king. He says, “There should be various sources for state revenues for a robust economy combined with a rational fiscal policy.”
According to Kautilya, the state must have a treasury to accumulate wealth and revenues for the welfare of the state. Certain groups and people could produce and distribute products and services in the state under state law, however, there are certain restrictions imposed by the state.
Many renowned thinkers called Arthashashtra a “political economy” or “the science of politics or material gains”.
Also, he states the Saptanga Theory of State.
- The king
- Ministers
- Countryside
- Fort
- Treasury
- Army
- Ally
Amartya Sen,A Top Economist in India
In the list of the top Indian economists, Amartya Sen is a great personality who was born on 3rd Nov 1933 in India. Since 1972, he has taught and worked in the United Kingdom and the United States. He started his career at Jadavpur University in Kolkata but later he went abroad and taught at various universities and colleges in the U.K., and U.S.A. As an economic thinker and researcher, Amartya Sen worked in several fields of economics for a long time.
The major areas of economics he worked in are
- Social Choice Theory
- Social Justice
- Poverty and Famines
- Welfare Economics
- Decision Theory
- Development Economics
- Public Health
He wrote “Poverty and Famines: An Essay on Entitlement and Deprivation ” in 1981. He was awarded the Noble Peace Prize in economics in 1998 and Bharat Ratna in 1999.
Amartya Sen has also contribution in developing HDI and its measurement.
Dr. Manmohan Singh
Manmohan Singh is one of the top Indian economists, politicians, and statesmen who was the 13th prime minister of India. He was born in Gah in west Punjab, now in Pakistan. After completing his doctorate in economics from Oxford, he served in several key posts in the Indian Government and United Nations Organization.
He worked for the United Nations Conference on Trade and Development (UNCTAD) from 19666 to 1966. Also, he served as a reader of economics at the University of Punjab from 1959 to 1963. Lalit Narayan Mishra appointed him as an advisor to the Ministry of Foreign Trade in India.
Dr. Raghuram Rajan
Raghuram Rajan is one of the renowned and best Indian economists who worked in finance, banking, economic development, and other fields in economics. He won several prizes for his contribution to economic development and, financing.
He was the 23rd Governor of the Reserve Bank of India, from September 2013 to 2016. Also, he served as the Chief Economist and Director of Research at the International Monetary Fund.
He wrote:
- The Third Pillar: How the State and Markets hold the Community Behind 2019
- Fault Lines: How Hidden Fractures Still Threaten the World Economy
- The Decline of Secured Debt
- The Relationship Dilemma: Organizational Culture and the Adoption of New Technology in Indian Banking
Dr. Arvind Subramanian
Dr. Arvibd Subramanian makes his place in the list of the top Indian economists. He served as the Chief Economic Advisor to the Government of India. The areas he served are economic growth, international trade, World Trade Organization, oil, and institution. You can find his expertise in economic growth and trade in China, Africa, and India.
He wrote
- India’s Turn: Understanding the Economic Transformation
- Eclipse: Living in the Shadow of China’s Economic Dominance
Also, he co-authored “Who Needs to Open the Capital Account?” As an economist, he served in various top economic schools, and institutions including Harvard University, Ashoka University,
Dr. Raja Chelliah
When you are talking about the top Indian economists, Dr. Raja J. Chelliah must be mentioned and included in the list. He was the founder of the Madras School of Economics. Besides, he played a crucial role in tax reforms and fiscal policy in India. Not only in India but also in International Monetary Fund, he worked as a Fiscal Analyst between 1969 and 1975. The Govt. of Papua New Guinea appointed him as a consultant to provide provincial center financial relations.
Raja Chelliah worked on several departments, and commissions, including Planning Commission, Finance Commission, and Tax Reforms Committee. Owing to his contribution to tax reforms in India, he is regarded as the father of Indian Tax Reforms.
Dr. C.Rangarajan
Dr. C.Rangarajan is another top Indian economist who served in several posts in the Govt. of India. He served as both the Deputy Governor and the Governor of the Reserve Bank of India(RBI). Besides, he taught at various universities in India.
He authored the following books:
- Short-term Investment Forecasting (1974);
- Principles of Macro-economics (1979);
- Strategy for Industrial Development in the ‘80s (1981);
- Innovations in Banking (1982);
- Agricultural Growth and Industrial Performance in India (1982);
- Indian Economy: Essays on Money and Finance (1998);
- Perspectives on Indian Economy (2000),
- Structural Reforms in Industry, Banking, and Finance (2000),
- Select Essays on Indian Economy (2003).
Rangarajan is a versatile genius who served many areas in government posts, and also, in the field of economics. For his contribution to economics, he won several awards including Padma Bivushan in 2002.
Dr. Shankar Acharya
Shankar Acharya too is an Indian economist who served for a long period of eight years as a Chief Economic Advisor to the Government of India. He completed his education at the University of Oxford where he graduated and later he made his Ph.D. at Harvard University in the United States.
From 1971 to 1982 before running back to India, Acharya served in various capacities with Word Bank. When ‘World Development Report ‘ was released in 1979, he was the leader of the team. His most significant achievement of him is that he worked as the Chief Economic Advisor to the Government of India between 1993 and 2001. During the Twelfth Finance Commission, he was a member of it, also, he was a member of the Economic Advisory Council to the Prime Minister of India(2001-2003).
He authored the following book:
- An Economist at Home and Abroad: A Personal Journey
- India’s Economy Some Issues and Answers.
- Can India Grow without Bharat?
- India and Global Crisis
- Towards Economic Crisis(2012-2014) and Beyond
- India’s Economy 2015-2020
Dr. V.K.R.V.Rao
V.K.R.V.Rao is a leading Indian economist, social educator, and statesman. He completed his education in Madras and Mumbai and went to England to gain further education. He is a versatile genius who not only worked in economics but also held several posts in the Government of India. After completing his higher education he came back to India and started his career as a lecturer in economics.
Rao taught economics in several colleges, universities, and institutions in India. Besides, he held different posts in the Government of India, such as Director, member,minister, and professor. Also, he was the Chairman of the U.N.Sub-Commission for Economic Development which led to the birth of IDA.
V.K.R.V.Rao founded:
- The Delhi School of Economics
- The Institute of Economic Growth, Delhi
- The Institute for Social and Economic Change, Bangalore
He wrote about 39 books including monographs,210 articles, and 68 addresses and seminar papers.
He authored the following books:
- Taxation of Income in India (1931)
- India and International Currency Plans (1945)
- Swami Vivekananda – Prophet of Vedantic Socialism (1978)
- Food, Nutrition, and Poverty (1982);
- Indian socialism: Retrospect and Prospect (1982), etc.
Bimal Jalan
In the list of the top Indian economists, Bimal Jalan is a leading figure who held several posts in the Government of India including the Finance Secretary, and the Chairman of the Economic Advisory Council to the Prime Minister of India. Also, he served as a nominated member of the parliament from 2003 to 2009.
The books he authored are as follows:
- India’s Economic Crisis(1991)
- The Indian Economy(1993)
- Emerging India: Economics, Politics, and Reforms(2012)
- Politics Trumps Economics: The Interface of Economics and Politics in Contemporary India (Edited 2014).
Jagdish Bhagwati
Jagdish Bhagwati is an India-born naturalized American economist who made leading contributions to economics. He completed graduation in economics in India and went to England and U.S.A for higher education. To complete his post-graduation he studied at the Massachusetts Institute of Technology (MIT) and the University of Oxford (1956–59).
Coming back to India, he started to teach economics at the Indian Statistical Institute and International Trade at the Delhi School of Economics. Also, he worked for GATT(General Agreement on Tariffs and Trade), World Trade Organization, and Human Rights Watch.
He authored:
- Free Trade Today(2002)
- In Defence of Globalization(2004)
- The Wind of the Hundred Days: How Washington Mismanaged Globalization (2000).
Jagdish Bhagwati was a supporter of free trade and economic globalization. He opposed the inclusion of labour and environmental standards in free-trade agreements,as these,according to him, are better protected through public pressure on conmdemning corporations.
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