Abstract

As human civilization evolved and developed a workable theory of the nation-state, economic thought gradually became more distinct from other subjects. By virtue of being an old civilization, India has a long tradition of progressive ‘economic thinking’ understood in a broad sense. Of course historically, Indian political economy is rooted in the social, cultural and political conditions of India (Parthasarathi, 2012). Though India is very diverse culturally, certain basic value systems and a traditional understanding of life have made its ‘thought’ compatible across different regions of the country.