In the history of Indian economic thought, who is popularly known as the father of Indian economics?

Introduction / Context:
Indian economic thought developed through the writings and work of several nationalist leaders and social reformers during the late nineteenth and early twentieth centuries. Among these, Mahadev Govind Ranade is often honoured with the title father of Indian economics or father of modern economic thought in India. Questions of this type check whether a candidate can connect key personalities with the titles and contributions for which they are remembered in Indian economic history. This knowledge is especially relevant for competitive examinations that integrate economics with modern Indian history.

Given Data / Assumptions:

• The question asks specifically about the father of Indian economics.
• The options include Gopal Krishna Gokhale, Bal Gangadhar Tilak, Adam Smith and Mahadev Govind Ranade.
• Adam Smith is known as the father of modern economics at the global level, not specifically Indian economics.
• Ranade was a prominent Indian judge, social reformer and economic thinker.

Concept / Approach:
Mahadev Govind Ranade wrote extensively on economic issues affecting India under colonial rule. He analysed topics such as industrialisation, agriculture, poverty and the impact of British economic policies on Indian society. His writings tried to apply economic reasoning to Indian conditions, and he strongly advocated industrial and social reforms. Because of his systematic and pioneering economic analysis focused on India, many scholars and textbooks refer to him as the father of Indian economics. By contrast, Gopal Krishna Gokhale is known more for political leadership and social reform, while Adam Smith is associated with global economic theory, not with Indian conditions specifically.

Step-by-Step Solution:
Step 1: Recognise that Adam Smith is widely called the father of modern economics, but his work is not India specific.Step 2: Recall that Gopal Krishna Gokhale and Bal Gangadhar Tilak were leading nationalist politicians and social reformers.Step 3: Remember that Mahadev Govind Ranade is credited with detailed economic analysis of Indian society and is often referred to as the father of Indian economics.Step 4: Select Mahadev Govind Ranade as the correct answer.

Verification / Alternative check:
To verify, you can recall how exam preparation books present these associations. They usually state that Adam Smith is the father of economics in general, while Ranade is the father of Indian economics. They also highlight that Ranade belonged to the group of moderates in the Indian National Congress and wrote on industrialisation and economic reform, linking his economic analysis to policy suggestions for India. This repeated association in study material and historical overviews confirms that Ranade is the correct choice for the title mentioned in the question.

Why Other Options Are Wrong:
Option A, Gopal Krishna Gokhale, is wrong because he is mainly remembered as a political leader, parliamentarian and social reformer, though he did have economic views. Option B, Bal Gangadhar Tilak, is wrong because he is known as Lokmanya Tilak and as a militant nationalist leader, not as the father of Indian economics. Option C, Adam Smith, is internationally famous for his work The Wealth of Nations and is known as the father of modern economics globally, but not specifically as the father of Indian economics. Only option D correctly identifies Mahadev Govind Ranade with this Indian title.

Common Pitfalls:
Students sometimes confuse global and Indian titles, mixing up Adam Smith and Ranade. Another mistake is to assume that the most politically famous name among the options must be the right answer, which is not the case here. The safe strategy in such questions is to consciously separate world level epithets from India specific ones and to revise a list of important titles and personalities in advance. This helps avoid guesswork and improves accuracy in the examination.

Final Answer:
Mahadev Govind Ranade is popularly known as the father of Indian economics.