Dr. B. R. Ambedkar is one such great leader, thinker and intellectual of his time in India who has not only changed the life of millions of untouchables but also shaped India as the biggest democratic nation in the world by writing constitution. What are well known of all of us about Dr. Ambedkar are his efforts towards elimination of caste system in India. But what is not known to many of us about Babasaheb and his economic thoughts and contribution to our nation. Hence, a detailed deliberation about his contribution to Economic development, more particularly to Indian economy is the need of the hour. This paper examines the economic ideas of Dr. B.R. Ambedkar, who was one of the most influential Indian social reformer, politician and economic thinker of the 20th century, in various domains such as land reforms, economic growth with justice, the problem of Indian rupee, public finance, labour welfare, water management, and planned economic development in India. The economic vision of Dr. Ambedkar was deeply rooted in his commitment to social justice, equality, and the democratic ideals of India. This paper delves into his economic development perspectives and its relevance to today’s forecasted vision of Viksit Bharat in India. Finally, the current paper explores his vision for the economic development with social justice in India. Where he envisaged a modern, industrialised and prosperous nation that prioritised social welfare and equality. The paper also highlights the enduring relevance and need of Dr. Ambedkar’s economic thoughts in contemporary India, where his ideas on economic development with social justice and inclusive development will inspire the policymakers, scholars and state to achieve the milestones of Viksit Bharat, by 2047.