Indians well versed with economics long before West

NEW DELHI: Indians were well versed with the knowledge of economics, much before the West acquired it as trade between the subcontinent and other countries existed then, senior BJP leader Murli Manohar Joshi today said.

He said that Indians have accepted the calender dates as per the Western standards even when its history could be traced before the BC (birth of the Christ).

"We accepted the the dates of BC and AD. But what is the logic behind that? Our economics and history is much before it, long before Adam Smith (author of The Wealth of the Nation), who published his book in 17th century," Joshi said.

Joshi was speaking at book launch of book ' Prachin Bharat Artha Chintan' authored by Govind Ram Sahani. The event ended with Vande Mataram.

He said when ancient India was so well connected in terms of trade with countries like Yemen, Rome, Indonesia and even Rome, then there must have been a set of system in place in ancient India then.

"When there was a market, then there was also some kind of trade. With trade, there would some laws, rules to deal with labour, some kind of profit sharing with the labourers. So there was a humane approach to it," Joshi said.

Commenting on the modern day economics, the former Union Minister said development should be there, but "it should be more sustainable".

Criticising the western model of economics, senior RSS leader Bajrang Lal Gupta said it revolves around the wealth only. He said the Indian economics does talk about the creation of wealth, but it is more broad and humane in its approach.