This paper argues that the concept of moral economy, formulated by E.P. Thompson and developed in Asian contexts by James Scott and Paul Greenough can be usefully employed to analyse the peasant narratives of Premchand, one of the greatest writers in Hindi-Urdu literatures. But such an application is possible only if the concept is expanded further. In Premchand's works related to peasantry we find several ideological currents. However, the idea of peasantry's own cultural resources in opposition to other social groups appears to be predominant in his later works. There is a sense of centrality of peasant culture which Premchand and some others among the Hindi literary intelligentsia came to acquire, and deployed for various purposes—against colonial regime, against the products of colonial modernity (e.g., factories, English schools, courts, medical profession), against the new urban middle classes and their culture, against urbanism as a whole and, sometimes, even against the Congress, the representative of organized nationalism. Distinct from both the everyday forms of resistance and open rebellion, Premchand visualizes a comprehensive peasant paradigm in opposition to colonialism, and urban middle-class perspectives.