Economic history of the Indian subcontinent explained

This is the Economic history of the Indian subcontinent. It includes the economic timeline of the region, from the ancient era to the present, and briefly summarizes the data presented in the Economic history of India and List of regions by past GDP (PPP) articles.

See main article: Economic history of India.

Antiquity

• 500 BC
  • Silver punch-marked coins^[1] were minted as currency belonging to a period of intensive trade activity and urban development by the Mahajanapadas.^{[2] [3]}
• 1 AD
  • Indian subcontinent under the Gupta Empire united much of the subcontinent, contained 33.21% of the world’s population and contributed to around 33 to 35% of World's GDP^[4] and generated an estimated average of $450 (1990 dollars) PPP per annum.

Middle Ages

• 1000
  • Indian subcontinent contained an estimated 28.05% of the world's population,and contributed to around 30 to 33% of world's GDP.^[5] Individually generated an estimated average of $450 (1990 dollars) PPP per annum, and collectively produced $33,750 million.^[6]
• 1500
  • Indian subcontinent under the(Delhi Sultanate, vijaynagar Empire, Deccan sultanate, Gajapati Empire and Bengal Sultanate and rajput kingdoms)contained an estimated 25.09% of the world's population, and who individually generated an estimated average of $550 (1990 dollars) PPP per annum, and collectively produced $60,500 million, of the world's $248,321 million (24.36%), second only to Ming China in regional share.^[7]

Mughal era

See main article: Economy of the Mughal Empire.

• 1500 - 1600
  • Indian subcontinent, mostly under the Mughal Empire (after the conquest of the Delhi Sultanate and Bengal Sultanate) and vijaynagar Empire became economically 10 times more powerful than the contemporary Kingdom of France,^[8] contained an estimated 24.27% of the world's population, and who individually generated an estimated average of $550 (1990 dollars) PPP per annum, and collectively produced $4,250 million, of the world's $31,344 million (4.41%),^[9]
• 1600 - 1700
  • The Indian subcontinent, under Mughal Emperor's Aurangzeb becomes the world's largest economy (after the economic downfall^[10] by the transition from Ming to qing^[11])and the most important center of manufacturing in international trade, ahead of Qing China.^[7] Worth 25% of the world's industrial output, it signalled the Proto-industrialization.^{[12] [13] [14]}
• 1700 - 1800
  • Large parts of the Indian subcontinent, including Bengal Subah, which accounted for 36% of Dutch imports,^[15] and Kingdom of Mysore, had some of the world's highest real wages and living standards, made direct essential contributions to the first Industrial Revolution in Britain.^[16]

Colonial period

See main article: Economic history of India.

East India Company

• 1793
  • Cornwallis' Permanent Settlement Instituted in Bengal
• 1820
  • China was the world's largest economy followed by the UK and India. Industrial revolution in the UK catapulted the nation to the top league of Europe for the first time ever. During this period, British foreign and economic policies began treating India as an unequal partner for the first time.^[17]
• 1850
  • The gross domestic product of India in 1850 dropped to 5–10% and was estimated at about 40 per cent that of China. British cotton exports reach 30 per cent of the Indian market by 1850.^[18]

British Raj

• 1868
  • First estimation of India's national income by Dadabhai Naoroji
• 1870
  • India's economy had a 9.2% share of world income under the British Empire.^[19]
• 1900
  • Under the British Empire, India's share of manufacturing declined to 2% of global industrial output.^[13]
• 1913
  • India's economy had a 5.4% share of world income under the British Empire.^[19]
• 1930
  • Indian subcontinent contained an estimated 336.4 of the world's 2,070 million people (16.25%), and who individually generated an estimated average of $726 (1990 dollars) per annum, and collectively produced $244,097 million, of the world's $3,800,000 million (6.42%)
• 1943
  • Famine of Bengal

Post-Independence period

See main article: Economy of India, Economy of Pakistan and Economy of Bangladesh.

Just after Independence

• 1952
  • India's economy had a 3.8% share of world income.^[19]
• 1973
  • India's economy was $494.8 billion, which accounted for a 3.1% share of world income.^[19]

1980–1991

Economically closed.

1991–present

• 1991
  • Economic liberalisation was initiated by Indian prime minister P. V. Narasimha Rao and his finance minister Manmohan Singh in response to a macroeconomic crisis.^[20]
• 1996
  • Beginning of short-lived coalition govts. India's economy is $1.560 trillion (purchasing power parity) accounting for a 3.9% share of world GDP, the fifth largest in the world.^[21]
• 2004
  • First NDA govt ends, inflation is 3.8%. India's economy is $2.870 trillion (purchasing power parity) accounting for a 4.7%^[22] share of world GDP, the fourth largest.
• 2010
  • India's economy is $4.002 trillion (purchasing power parity) which accounts for a 4.5% share of world income, the fourth largest in the world in terms of real GDP (PPP).^[23]
• 2012
  • Second half of UPA-2 and Inflation 10%.^[24] India's economy is $4.825 trillion (purchasing power parity), the third largest in the world in terms of real GDP (PPP).^[25]
• 2014
  • India's economy is $7.376 trillion (purchasing power parity), the third largest in the world in terms of real GDP (PPP).
• 2017
  • NDA-2 and inflation is 3.8%. India's economy is $9.448 trillion (purchasing power parity) and accounts for a 6.8% share of world GDP (PPP).^[26]
• 2021
  • As of 2021, India's economy is $10.207 trillion (purchasing power parity)^[27] and accounts for a 7.19% share of world GDP (PPP).^[28]

See also

• List of regions by past GDP (PPP)

Further reading

• Maddison, Angus (2004). . OECD. . (See Sample Table.)
• Book: Maddison . Angus . Contours of the world economy, 1–2030 AD : essays in macro-economic history . 2007 . Oxford University Press . Oxford . 978-0199227204.
• World Bank, 1 July 2006. PPP GDP 2005.

External links

• Relation Between Inflow Of FDI and The Development Of India's Economy, IJTEMT

Notes and References

1. http://www.nupam.com/thshiv.html Nupam Mahajan and R. Balasubramaniam, "Scanning electron microscopy study of an ancient silver punch-marked coin with central pentagonal mark", Numismatic Digest v. 22.
2. http://www.rbi.org.in/currency/museum/c-ancient.html "Ancient Indian Coinage"
3. The World Economy: Historical Statistics, Angus Maddison
4. The World Economy: Historical Statistics, Angus Maddison
5. [Angus Maddison]
6. [Angus Maddison]
7. [Angus Maddison]
8. Book: Developing cultures: case studies. Lawrence E. Harrison, Peter L. Berger. Routledge. 2006. 158. 9780415952798.
9. Bowen, H. V. Business of Empire: The East India Company and Imperial Britain, 1756–1833 (2006), 304pp
10. Book: Mao Peiqi . The Seventeen Emperors of the Ming Dynasty . 2006 . 光明日报出版社 . 978-7-80206-237-5.
11. Book: Mao Peiqi . The Seventeen Emperors of the Ming Dynasty . 2006 . 光明日报出版社 . 978-7-80206-237-5.
12. Book: József Böröcz. The European Union and Global Social Change. 21. Routledge. 26 June 2017. 9781135255800. 2009-09-10. József Böröcz.
13. Web site: India's Deindustrialization in the 18th and 19th Centuries. Jeffrey G. Williamson, David Clingingsmith. Harvard University. August 2005. 2017-05-18.
14. Kumar, Dharma and Meghnad Desai, eds. The Cambridge Economic History of India: Volume 2, c.1751-c.1970 (1983).
15. [Om Prakash (historian)|Om Prakash]
16. Book: Yazdani, Kaveh . [{{google books|plainurl=y|id=TdrzDQAAQBAJ|page=120}} India, Modernity and the Great Divergence: Mysore and Gujarat (17th to 19th C.)]. 10 January 2017. BRILL. 978-90-04-33079-5.
17. Stephen . Broadberry . Bishnupriya Gupta . COTTON TEXTILES AND THE GREAT DIVERGENCE: LANCASHIRE,INDIA AND SHIFTING COMPETITIVE ADVANTAGE, 1600–1850 . Proc The Rise, Organization, and Institutional Framework of Factor Markets . 23–25 June 2005 . Utrecht .
18. Web site: Historical Prices and Wages Dataset . 2024-08-12 . www.iisg.nl.
19. Book: Maddison. Angus. The World Economy A Millennial Perspective. 12 Jun 2001. OECD Publishing. 9789264186545.
20. News: Timeline: India . BBC News . 2011-02-22 . 2011-03-06.
21. Web site: World Economic Outlook Database April 2017. www.imf.org. en-US. 2018-04-01.
22. Web site: GDP, PPP (current international $) Data. data.worldbank.org. en-us. 2018-04-01.
23. Web site: The Indian Economy In The Next Decade . Forbes.com . 2011-03-06.
24. News: India and the IMF. IMF. 2018-04-01. en.
25. Web site: Report for Selected Countries and Subjects . 2013-01-24.
26. Web site: Report for Selected Countries and Subjects. www.imf.org. en-US. 2018-04-01.
27. Web site: International Monetary Fund. 1 April 2021.
28. Web site: India: Share of global gross domestic product (GDP) adjusted for Purchasing Power Parity (PPP) from 2016 to 2026. 1 April 2021.