Raja Ram Mohan Roy’s Influence on Modern Financial Policies in India – Meyka

Report on the Enduring Legacy of Raja Ram Mohan Roy in India’s Sustainable Development Framework

This report examines the influence of Raja Ram Mohan Roy, a 19th-century social and financial reformer, on India’s contemporary policies, with a significant emphasis on their alignment with the United Nations Sustainable Development Goals (SDGs). His foundational principles of inclusivity, transparency, and modernization continue to provide a framework for India’s pursuit of sustainable growth and equitable governance.

Historical Reforms and Foundational Links to Sustainable Development Goals (SDGs)

Raja Ram Mohan Roy’s early reformist activities established a precedent for social and economic progress that directly corresponds with several key SDGs.

Promotion of Social Justice and Gender Equality (SDG 5 & SDG 10)

• Roy’s most notable social reform, the abolition of sati, was a monumental step towards protecting women’s rights and is a historical antecedent to the principles enshrined in SDG 5: Gender Equality.
• His advocacy for legal rights for all citizens laid the groundwork for reducing societal disparities, a core objective of SDG 10: Reduced Inequalities.

Advocacy for Quality Education and Strong Institutions (SDG 4 & SDG 16)

• Roy championed modern education as a tool for empowerment and rational thinking, which directly supports SDG 4: Quality Education.
• By establishing forums like the Atmiya Sabha and advocating for a transparent legal and financial system, he promoted the development of accountable institutions, a central tenet of SDG 16: Peace, Justice and Strong Institutions.

Influence on Modern Economic Policies and Sustainable Growth

Roy’s economic vision resonates in modern Indian policies aimed at fostering inclusive and sustainable economic development.

Fostering Decent Work and Economic Growth (SDG 8)

1. Roy’s emphasis on a modernized and inclusive economic structure aligns with the objectives of SDG 8: Decent Work and Economic Growth.
2. Contemporary initiatives such as ‘Make in India’ reflect his principles by aiming to create economic opportunities and foster self-reliant growth.

Driving Industry, Innovation, and Infrastructure (SDG 9)

• The current expansion of digital finance and banking services in India echoes Roy’s vision of accessible financial systems for all, contributing to SDG 9: Industry, Innovation and Infrastructure.
• This modernization of financial infrastructure enhances economic participation and builds a more resilient economic framework, paralleling his forward-thinking calls for reform.

Strengthening Governance and Institutional Transparency (SDG 16)

A core component of Roy’s legacy is his insistence on transparent and efficient governance, which is critical for the successful implementation of SDG 16.

Key Principles and Their Modern Manifestations

• Transparency: Roy’s call for reforming fiscal systems is reflected in modern policies like the Goods and Services Tax (GST), which aims to create a more transparent and unified economic market.
• Efficiency: His vision for a structured financial system that encourages investment and growth underpins India’s ongoing efforts to improve its economic governance.
• Accountability: The principles of clear legal and financial frameworks he advocated for are fundamental to building the strong and accountable institutions required to achieve the 2030 Agenda.

Conclusion: A Legacy Aligned with the 2030 Agenda

The principles championed by Raja Ram Mohan Roy remain profoundly relevant to India’s contemporary development challenges. His focus on inclusive growth, gender equality, education, and transparent governance provides a historical and philosophical foundation for the nation’s efforts to achieve the Sustainable Development Goals. As India continues to evolve its financial and social policies, Roy’s legacy serves as a guiding framework for building a just, equitable, and sustainable future.

Analysis of Sustainable Development Goals in the Article

1. Which SDGs are addressed or connected to the issues highlighted in the article?

The article on Raja Ram Mohan Roy’s influence on India’s financial policies connects to several Sustainable Development Goals (SDGs) by highlighting themes of economic inclusivity, institutional reform, education, and equality.

• SDG 4: Quality Education: The article mentions Roy’s “commitment to educational and economic reforms” and his “advocacy for education,” which are foundational to ensuring inclusive and equitable quality education.
• SDG 5: Gender Equality: Roy is famously “known for abolishing sati,” a harmful practice against women. This action, along with his push for “legal rights for everyone,” directly aligns with the goal of achieving gender equality and empowering all women and girls.
• SDG 8: Decent Work and Economic Growth: The text repeatedly emphasizes “inclusive growth,” “economic inclusivity,” and “economic growth.” Roy’s vision for “accessibility and equity in financial services” supports the goal of promoting sustained, inclusive, and sustainable economic growth.
• SDG 9: Industry, Innovation and Infrastructure: The article connects Roy’s call for modernization to contemporary initiatives like the “rise of digital finance platforms” and the “push for digital India,” which relate to building resilient infrastructure and fostering innovation.
• SDG 10: Reduced Inequalities: The core theme of “inclusive economic development” and making “financial services more accessible to the masses” directly addresses the goal of reducing inequality within and among countries.
• SDG 16: Peace, Justice and Strong Institutions: Roy’s emphasis on “transparency,” “modernizing financial governance,” “reforming fiscal systems,” and establishing a “rational financial system” is directly linked to building effective, accountable, and inclusive institutions at all levels.

2. What specific targets under those SDGs can be identified based on the article’s content?

Based on the issues discussed, several specific SDG targets can be identified:

1. Target 5.3: Eliminate all harmful practices, such as child, early and forced marriage and female genital mutilation. The article’s reference to Roy’s role in “abolishing sati” is a direct historical link to this target’s objective of ending harmful practices against women.
2. Target 8.10: Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all. Roy’s vision of “accessibility and equity in financial services” and the modern “expansion of banking services” mentioned in the article align perfectly with this target.
3. Target 9.c: Significantly increase access to information and communications technology and strive to provide universal and affordable access to the Internet. The article’s mention of the “rise of digital finance platforms” and the “push for digital India” as a parallel to Roy’s call for modernization connects to this target of increasing access to technology.
4. Target 10.2: By 2030, empower and promote the social, economic and political inclusion of all. The article’s focus on “inclusive economic development,” “economic inclusivity,” and making services “accessible to the masses” directly supports this target.
5. Target 16.6: Develop effective, accountable and transparent institutions at all levels. Roy’s insistence on “transparency,” “reforming fiscal systems,” and “modernizing financial governance” is the historical foundation for the principles outlined in this target.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

The article mentions or implies several policies and outcomes that can serve as indicators for measuring progress towards the identified targets:

• For Target 8.10: The article points to the “expansion of banking services” and the “rise of digital finance platforms.” These can be used as direct indicators to measure the increased accessibility of financial services for the population.
• For Target 9.c: The “push for digital India” is a national policy initiative whose progress can be tracked. The growth in the use of “digital finance platforms” serves as a specific indicator of increased access to and use of information and communications technology.
• For Target 16.6: The article explicitly names the “implementation of policies like the Goods and Services Tax (GST)” as a reflection of Roy’s legacy. The GST system is a concrete reform aimed at creating a more transparent and efficient fiscal institution, serving as a clear indicator of progress towards this target.

4. Table of SDGs, Targets, and Indicators

Source: meyka.com