Revisiting The Problem of the Rupee: Its Origin and Its Solution: A Contemporary Academic and Research Analysis of Monetary Policy, Currency Stability, and Economic Sovereignty in India

Revisiting The Problem of the Rupee: Its Origin and Its Solution: A Contemporary Academic and Research Analysis of Monetary Policy, Currency Stability, and Economic Sovereignty in India

Dr. Satish Gaikwad
Research Unit, Indira Gandhi National Open University, New Delhi
Email: satishrrg@ignou.ac.in

Abstract:
This research paper undertakes an in-depth academic and analytical exploration of Dr. B.R. Ambedkar's seminal work The Problem of the Rupee: Its Origin and Its Solution, focusing on its contemporary relevance in shaping India's monetary policy, currency management, and economic sovereignty. By leveraging secondary data sources, classical monetary theories, and contemporary economic conditions, the paper revisits the historical context of India's currency crisis under colonial rule and correlates it with present-day monetary challenges. It assesses the evolving role of the Reserve Bank of India (RBI), inflation targeting, fiscal deficit management, and international monetary frameworks to draw insights into currency stability and macroeconomic planning. Through a critical reinterpretation of Ambedkar’s gold standard advocacy and critique of the British-managed rupee system, this paper presents fresh interpretations of policy legacies, economic autonomy, and monetary reforms vital for India's post-pandemic recovery and global positioning.

Keywords: Rupee Problem, Dr. B.R. Ambedkar, Monetary Policy, Currency Stability, Inflation, RBI, Fiscal Deficit, Gold Standard, Economic Sovereignty, Indian Economy