Indian Knowledge System: It’s Role in Business Innovation and Economic Growth
Dr. Sajla
HOD, PG Department of Economics, SCD Government College for Boys, Ludhiana
9316831351, dr.sajla22@gmail.com
Naman
Research Scholar, P.G. Department of Economics, S.C.D. Government College for Boys, Ludhiana
8054209780, namanbtsarmy@gmail.com
Abstract
The Indian Knowledge System is a legacy of wisdom accumulated over generations in the Indian subcontinent and thoughtfully bequeathed to posterity. It offers us illuminating insights into ethical business practices, sustainable economic conduct and community-centric development. Even though these scriptures were written centuries ago, the knowledge within them remains evergreen and still holds global significance, emphasizing how ‘alive’ the texts and teachings are. Some intellectual personalities like Max Muller (philologist and orientalist, who translated the Vedas), James Mill (historian) and Thomas Babington Macaulay (historian and politician) interpreted the Indian Knowledge System as being limited to spiritual and philosophical realms. However, contrary to their view, the Indian Knowledge System is an intricate repository of traditional knowledge, wisdom, science and even business and economics. The earliest known text on economics and finance , Arthashastra, written by Kautilya (also known as Chanakya), offers valuable insights into how to acquire, manage and protect power and wealth (artha) through practical governance, economic policies and laws that still hold global significance. This study tries to highlight the role of the Indian Knowledge System in business innovation and economic growth through ancient texts and scriptures like Kautilya’s Arthashastra, Shukraniti (attributed to Lord Shukryacharya), Brihaspati Smriti (attributed to Lord Brihaspati) and Narada Smriti (attributed to Lord Narada), along with many other ancient Indian texts. It focuses on the universal relevance of the Indian Knowledge System in today’s world. This research attempts to clarify how the Indian Knowledge System is not limited or bound to spirituality and philosophy but also includes wider arenas like business, finance and economic growth that are relevant today. Rather than being merely a historical perspective, the Indian Knowledge System is timeless and serves as a perennial guide to modern-day economics.
Keywords: Indian Knowledge System, business innovation, economics, finance, global significance.
DOI link – https://doi.org/10.69758/GIMRJ/25040401V13P0012
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