Dr. B. R. Ambedkar, a prominent social reformer, economist, and the chief architect of the Indian Constitution, made significant contributions to modern political economy, particularly through his ideas on social justice, economic equality, and the empowerment of marginalized communities. This paper revisits Ambedkar's economic thought, emphasizing his critique of capitalism, support for democratic socialism, and advocacy for structural reforms aimed at achieving economic equity. Ambedkar's views on land reforms, education, and the intersection of caste and class have had a lasting impact on India's economic policies and continue to shape global discourses on social and economic justice. His call for affirmative action, redistribution of land, and economic empowerment through education remains relevant in the contemporary socio-economic landscape. This paper analyzes Ambedkar's contributions and reflects on their enduring influence on political economy, both in India and globally.