Economic history of the Indian subcontinent
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.
Pre-colonial period
- 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
- India's economy had a 32.9% share of world income, the largest in the world.[3]
- 1000
- India's economy had a 28.9% share of world income, the largest in the world.[4]
- 1500
- India's economy had a 24.5% share of world income, the second largest in the world after China, which had a 25% share.[5]
- 1600
- India's income of £17.5 million (population approx. 150 million people) was greater than the entire treasury of Great Britain in 1800, which totaled £16 million.[6]
- 1700
- India's economy had a 24.4% share of world income, the largest in the world.[7]
Colonial period
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
- 1793
- 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.[9]
- 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.[10]
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.[11]
- 1913
- India's economy had a 5.4% share of world income under the British Empire.[11]
- 1943
Post-Independence period
Nehruvian era
- 1952
- India's economy had a 3.8% share of world income.[11]
- 1973
- India's economy was $494.8 billion, which accounted for a 3.1% share of world income.[11]
1980–1991
Economically closed. [citation needed]
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.[12]
- 2010
- India's economy is $4.002 trillion (purchasing power parity) which accounts for a 6.3% share of world income, the fourth largest in the world in terms of real GDP.[13]
- 2012
- India's economy is $4.825 trillion (purchasing power parity), the third largest in the world in terms of real GDP.[14]
- 2014
- India's economy is $7.376 trillion (purchasing power parity), the third largest in the world in terms of real GDP.[citation needed]
See also
References
- ^ Nupam Mahajan and R. Balasubramaniam, "Scanning electron microscopy study of an ancient silver punch-marked coin with central pentagonal mark", Numismatic Digest v. 22.
- ^ "Ancient Indian Coinage", RBI Monetary Museum, rbi.org
- ^ a b The World Economy: Historical Statistics, Angus Maddison
- ^ Angus Maddison (2001). The World Economy: A Millennial Perspective, OECD, Paris
- ^ Angus Madison (2003). The World Economy: Historical Statistics, OECD, Paris
- ^ Bowen, H. V. Business of Empire: The East India Company and Imperial Britain, 1756-1833 (2006), 304pp
- ^ Kumar, Dharma and Meghnad Desai, eds. The Cambridge Economic History of India: Volume 2, c.1751-c.1970 (1983).
- ^ "Of Oxford, economics, empire, and freedom". The Hindu. Chennai. 2 October 2005. Retrieved 2010-12-06.
- ^ 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.
{{cite conference}}: Unknown parameter|booktitle=ignored (|book-title=suggested) (help) - ^ http://www.iisg.nl/hpw/papers/broadberry-gupta.pdf
- ^ a b c d Maddison, Angus (12 Jun 2001). The World Economy A Millennial Perspective. OECD Publishing. ISBN 9789264186545.
- ^ "Timeline: India". BBC News. 2011-02-22. Retrieved 2011-03-06.
- ^ "The Indian Economy In The Next Decade". Forbes.com. Retrieved 2011-03-06.
- ^ "Report for Selected Countries and Subjects". Retrieved 2013-01-24.
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Further reading
- Maddison, Angus (2004). The World Economy: Historical Statistics. OECD. ISBN 92-64-10412-7. (See Sample Table.)
- World Bank, 1 July 2006. PPP GDP 2005.