Summary: economic era have indeed forced a critical look at the traditional paradigms and doctrines of Western economics in the Indian context. The birth of 'Indian Political Economy' in the late 19th century reflected a divergence from Western economic theories, challenging their applicability to the unique economic conditions of India. Emphasizing the need for a more independent perspective, Indian economists have aimed to gather accurate data, analyze social factors, and develop a cohesive body of thought tailored to the country's progress. While recognizing the diversity of viewpoints among Indian thinkers, a consensus persists on the importance of originality and critical thought in economic investigation and reconstruction. As India navigates its economic evolution within the global landscape, the significance of the Indian school of economics lies not only in advancing the nation but also in contributing valuable insights to the broader economic discourse of the world. The quest for progress and prosperity amidst evolving economic landscapes underscores the pivotal role of adapting economic theories to diverse contexts and realities.