Timeline of the economy of the Indian subcontinent

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This is a timeline of the economy 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.

Anquity[edit]

  • 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 generated an estimated average of $450 (1990 dollars) PPP per annum, and collectively produced $33,750 million, of the world's $105,402 million (32%), the largest regional contribution.[3]

Middle Ages[edit]

  • 1000
    • Indian subcontinent contained an estimated 28.05% of the world's population, and who individually generated an estimated average of $450 (1990 dollars) PPP per annum, and collectively produced $33,750 million, of the world's $121,208 million (27.84%), the largest regional contribution.[4]
  • 1500
    • Indian subcontinent 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.[5]

Mughal era[edit]

  • 1600
    • Indian subcontinent, mostly under the Mughal Empire, 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 $74,250 million, of the world's $331,344 million (24.41%),[6] second only to Ming China in regional share.[5]
  • 1700
    • Indian subcontinent, almost entirely under the Mughal Empire, contained an estimated 27.35% of the world’s population, and who individually generated an estimated average of $533 (1990 dollars) PPP per annum, and collectively produced $90,750 million, of the world's $371,058 million (24.46%), the largest state contribution in the world,[7] ahead of Qing China.[5]
  • 1700–1750

Colonial period[edit]

There is no doubt that our grievances against the British Empire had a sound basis. As the painstaking statistical work of the Cambridge historian Angus Maddison has shown, India's share of world income collapsed from 22.6% in 1700, almost equal to Europe's share of 23.3% at that time, to as low as 3.8% in 1952. Indeed, at the beginning of the 20th century, "the brightest jewel in the British Crown" was the poorest country in the world in terms of per capita income.

East India Company[edit]

  • 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.[12]

British Raj[edit]

  • 1868
  • 1870
  • 1900
    • Under the British Empire, India's share of manufacturing declined to 2% of global industrial output.[9]
  • 1913
    • India's economy had a 5.4% share of world income under the British Empire.[13]
  • 1930
    • Indian subcontinent contained an estimated 336.4 of the world's 2,070 million souls (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

Post-Independence period[edit]

Nehruvian era[edit]

  • 1952
    • India's economy had a 3.8% share of world income.[13]
  • 1973
    • India's economy was $494.8 billion, which accounted for a 3.1% share of world income.[13]

1980–1991[edit]

Economically closed.[citation needed]

1991–present[edit]

See also[edit]

References[edit]

  1. ^ 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. ^ "Ancient Indian Coinage", RBI Monetary Museum, rbi.org
  3. ^ a b The World Economy: Historical Statistics, Angus Maddison
  4. ^ Angus Maddison (2001). The World Economy: A Millennial Perspective, OECD, Paris
  5. ^ a b c Angus Madison (2003). The World Economy: Historical Statistics, OECD, Paris
  6. ^ Bowen, H. V. Business of Empire: The East India Company and Imperial Britain, 1756-1833 (2006), 304pp
  7. ^ Kumar, Dharma and Meghnad Desai, eds. The Cambridge Economic History of India: Volume 2, c.1751-c.1970 (1983).
  8. ^ Parthasarathi, Prasannan (2011), Why Europe Grew Rich and Asia Did Not: Global Economic Divergence, 1600–1850, Cambridge University Press, p. 2, ISBN 978-1-139-49889-0
  9. ^ a b Jeffrey G. Williamson, David Clingingsmith (August 2005). "India's Deindustrialization in the 18th and 19th Centuries" (PDF). Harvard University. Retrieved 2017-05-18.
  10. ^ "Of Oxford, economics, empire, and freedom". The Hindu. Chennai. 2 October 2005. Retrieved 2010-12-06.
  11. ^ Broadberry, Stephen; Bishnupriya Gupta (23–25 June 2005). "COTTON TEXTILES AND THE GREAT DIVERGENCE: LANCASHIRE,INDIA AND SHIFTING COMPETITIVE ADVANTAGE, 1600-1850" (PDF). Proc The Rise, Organization, and Institutional Framework of Factor Markets. Utrecht.
  12. ^ http://www.iisg.nl/hpw/papers/broadberry-gupta.pdf
  13. ^ a b c d Maddison, Angus (12 Jun 2001). The World Economy A Millennial Perspective. OECD Publishing. ISBN 9789264186545.
  14. ^ "Timeline: India". BBC News. 2011-02-22. Retrieved 2011-03-06.
  15. ^ a b c "World Economic Outlook Database April 2017". www.imf.org. Retrieved 2018-04-01.
  16. ^ a b "GDP, PPP (current international $) | Data". data.worldbank.org. Retrieved 2018-04-01.
  17. ^ "The Indian Economy In The Next Decade". Forbes.com. Retrieved 2011-03-06.
  18. ^ a b "India and the IMF". IMF. Retrieved 2018-04-01.
  19. ^ "Report for Selected Countries and Subjects". Retrieved 2013-01-24.
  20. ^ "Report for Selected Countries and Subjects". www.imf.org. Retrieved 2018-04-01.

Further reading[edit]

External links[edit]