Indology is the academic study of the languages, texts, history and cultures of the Indian subcontinent, and as such a subset of Asian studies.
Indology may also be known as Indic studies or Indian studies, or South Asian studies, although scholars and university administrators sometimes have only partially overlapping interpretations of these terms.
Indology would not typically include the study of contemporary economy, government, or politics of South Asia, except insofar as these express issues that are deeply embedded in South Asian history, and may be illuminated by indological methods and insights.
Here is a good article about how Indology is becoming irrelevant in todays universities
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