Shri Mahadev Govind Ranade: The Father of Indian Economics- Check out His Major Contributions ,Early Life and Career



Mahadev Govind Ranade (18 January 1842 – 16 January 1901) is widely regarded as the father of Indian economics. He was a distinguished judge, social reformer and a visionary economist of India during the British Raj. Ranade was an expert in economics, history, and law and was a prolific writer. Ranade’s major contributions include the promotion of indigenous industries, the study of economics and its impact on the Indian society, and his efforts to bring about social and economic reforms.

Shri Mahadev Govind Ranade: Father of Indian Economics

Sir M. Visvesvaraya, also known as the father of Indian economy, was a prominent Indian engineer, scholar, statesman and the Diwan of Mysore from 1912 to 1918. He played a crucial role in modernizing India’s infrastructure and industry during British rule and was a strong advocate for self-reliant economic development. Sir MV’s contributions to the Indian economy include the establishment of the first hydroelectric power plant in India, introduction of the block system in irrigation, and the implementation of the industrial policy resolution, which encouraged entrepreneurship and industrialization in India. He was also responsible for the formation of the Mysore Economic Conference, which aimed to bring together experts in various fields to discuss and address economic issues in India. Sir MV’s innovative ideas and initiatives continue to inspire future generations and he is remembered as a visionary who transformed the Indian economy in the early 20th century.

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Life and Career

Sir Mokshagundam Visvesvaraya was a renowned Indian engineer and statesman who lived from 1860 to 1962. He was born in the Kingdom of Mysore (now the state of Karnataka) and received his education in the UK, where he received a degree in engineering from the University of Edinburgh. Sir MV had a long and illustrious career, which saw him serve as the chief engineer of the Mysore state, and later as the Diwan of Mysore, where he was instrumental in bringing about significant economic and social reforms. He also served as the Governor of the then British Indian province of Orissa. Sir MV is best known as the “Father of Indian Economy” for his contributions in the fields of engineering, education, and industry, and his work to develop the Indian economy. He was awarded the Bharat Ratna, India’s highest civilian honor, in 1955, in recognition of his outstanding contributions to the country.

Major Contributions

Sir Mokshagundam Visvesvaraya, commonly known as Sir MV, was a prominent Indian engineer, scholar, statesman, and the Diwan of Mysore during 1912 to 1918. He is considered as the “Father of Indian Economy” due to his immense contribution towards the development of the Indian economy. Here are a few of his major contributions:

  1. The Krishna Raja Sagara Dam: Sir MV was responsible for the construction of the Krishna Raja Sagara dam in Mysore which provided irrigation to over 2 million acres of land.
  2. Establishment of the Mysore Bank: Sir MV played a key role in the establishment of the Mysore Bank, which was later merged with the Corporation Bank.
  3. Introduction of Industrialization in India: Sir MV was a strong advocate of industrialization and encouraged the development of small scale industries.
  4. Promotion of Technical Education: Sir MV was a firm believer in the importance of technical education and established the Engineering College in Bangalore, which is now known as the University Visvesvaraya College of Engineering.
  5. Awarded Bharat Ratna: In 1955, Sir MV was awarded the Bharat Ratna, India’s highest civilian award, in recognition of his contribution to the Indian economy.

Father of Indian Economics FAQs

Q.1 Who was Sir MV?

Sir MV, also known as Sir Mokshagundam Visvesvarayya, was an Indian engineer and statesman who is considered as the father of Indian economy.

Q.2 What were Sir MV’s early life and education?

Sir MV was born in a small village in the southern state of Karnataka, India. He studied at the University of Bombay and later at the College of Engineering in Pune.

Q.3 What was Sir MV’s career like?

Sir MV worked as an engineer and later served as the Diwan (chief minister) of the princely state of Mysore. He is known for his contribution in the field of irrigation and hydro-electric power generation.

Q.4 What were Sir MV’s major contributions to Indian economy?

Sir MV was instrumental in the development of India’s economy. He introduced several reforms in agriculture, power and water management, and established several institutions like the Central Water Board and the Central Power Board.

Q.5 What was Sir MV’s legacy?

Sir MV’s legacy includes his contributions to the development of India’s economy, his introduction of reforms in agriculture, water and power management, and his establishment of several institutions for these purposes. He is remembered for his vision and dedication towards the betterment of India.