New Delhi: A multi-dimensional approach to welfare and economic policy, drawing on classical Indian thought, was discussed at a recent session of ‘Śāstra se Samvād tak’, a discussion series organised by Bharat Ki Soch.
The session, titled “Kautilyanomics: For Modern Times”, featured Sriram Balasubramanian, a former IMF economist and author, who spoke on the contemporary relevance of Kautilya’s Arthashastra. He said Kautilya’s economic thinking was principles-based rather than prescriptive, allowing flexibility in interpretation and application across contexts.
Balasubramanian outlined what he termed “dharmic capitalism”, built on three pillars: rule-based and non-intrusive governance, growth driven by a global outlook, and a focus on sustainability and inclusivity. He argued that this framework does not view wealth creation and welfare as competing priorities, but as complementary elements of long-term economic development.
On welfare, he said Kautilya’s approach combined support for those at the margins with systems that enable mobility, including formal labour structures and enforceable contracts. Welfare, he added, should be seen as part of a broader economic framework that promotes both stability and opportunity.
Balasubramanian also said the erosion of access to classical Indian knowledge systems had affected contemporary economic thinking, stressing the need to engage with indigenous intellectual traditions while addressing present-day challenges.
Anil Rajput, chairman of the advisory council at Bharat Ki Soch, said economic policy must balance growth with ethics, sustainability and social stability. He noted that governance, welfare and institution-building must work together.
R.K. Pachnanda, speaking at the conclusion, said continued engagement with India’s intellectual traditions could help shape a model of development that is both sustainable and globally relevant.