Timeline of the economy 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, and briefly summarizes the data presented in the Economic history of India and List of regions by past GDP (PPP) articles.
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 generated an estimated average of $450 (1990 dollars) PPP per annum.[3]
Middle Ages
- 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.[4]
- 1500
- Indian subcontinent under the Delhi Sultanate 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
Maddison's estimates of global GDP,[6] China and India being the most powerful until the 18th century. Bengal Subah was valued 50% of Mughal India's GDP.
- 1500–1600
- Indian subcontinent, mostly under the Mughal Empire after the conquest of the Delhi Sultanate and Bengal Sultanate, became economically 10 times more powerful than the contemporary Kingdom of France,[7] 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%),[8]
- 1600–1700
- The Indian subcontinent, under Mughal Emperor's Aurangzeb policies based on Islamic economics,[9] becomes the world's largest economy, and the most important center of manufacturing in international trade, ahead of Qing China.[5][10] Worth 25% of the world's industrial output, it signalled the Proto-industrialization.[11][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, both having some of the world's highest real wages and living standards, made direct essential contributions to the first Industrial revolution in Britain.[10][16]
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.[18]
- 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.[19]
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.[20]
- 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.[20]
- 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
Post-Independence period
Just after Independence
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.[21]
- 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.[22]
- 2004
- First NDA govt ends, inflation is 3.8%. India's economy is $2.870 trillion (purchasing power parity) accounting for a 4.7%[23] share of world GDP, the fourth largest.[22]
- 2010
- India's economy is $4.002 trillion (purchasing power parity) which accounts for a 4.5%[23] share of world income, the fourth largest in the world in terms of real GDP (PPP).[24]
- 2012
- Second half of UPA-2 and Inflation 10%.[25] India's economy is $4.825 trillion (purchasing power parity), the third largest in the world in terms of real GDP (PPP).[26]
- 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%.[25] India's economy is $9.448 trillion (purchasing power parity)[22] and accounts for a 7.45% share of world GDP (PPP).[27]
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
- The World Economy: Historical Statistics, Angus Maddison
- Angus Maddison (2001). The World Economy: A Millennial Perspective, OECD, Paris
- Angus Maddison (2003). The World Economy: Historical Statistics, OECD, Paris
- Maddison 2007, Table A.7
- Lawrence E. Harrison, Peter L. Berger (2006). Developing cultures: case studies. Routledge. p. 158. ISBN 9780415952798.
- Bowen, H. V. Business of Empire: The East India Company and Imperial Britain, 1756-1833 (2006), 304pp
- Chapra, Muhammad Umer (2014). Morality and Justice in Islamic Economics and Finance. Edward Elgar Publishing. pp. 62–63. ISBN 9781783475728.
- 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
- József Böröcz (2009-09-10). The European Union and Global Social Change. Routledge. p. 21. ISBN 9781135255800. Retrieved 26 June 2017.
- Ishat Pandey (2017). The Sketch of The Mughal Empire. Lulu Publishers. ISBN 9780359221202.
- Jeffrey G. Williamson, David Clingingsmith (August 2005). "India's Deindustrialization in the 18th and 19th Centuries" (PDF). Harvard University. Retrieved 2017-05-18.
- Kumar, Dharma and Meghnad Desai, eds. The Cambridge Economic History of India: Volume 2, c.1751-c.1970 (1983).
- Om Prakash, "Empire, Mughal", History of World Trade Since 1450, edited by John J. McCusker, vol. 1, Macmillan Reference USA, 2006, pp. 237–240, World History in Context. Retrieved 3 August 2017
- Yazdani, Kaveh (10 January 2017). India, Modernity and the Great Divergence: Mysore and Gujarat (17th to 19th C.). BRILL. ISBN 978-90-04-33079-5.
- "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.
- http://www.iisg.nl/hpw/papers/broadberry-gupta.pdf
- 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.
- "World Economic Outlook Database April 2017". www.imf.org. Retrieved 2018-04-01.
- "GDP, PPP (current international $) | Data". data.worldbank.org. Retrieved 2018-04-01.
- "The Indian Economy In The Next Decade". Forbes.com. Retrieved 2011-03-06.
- "India and the IMF". IMF. Retrieved 2018-04-01.
- "Report for Selected Countries and Subjects". Retrieved 2013-01-24.
- "Report for Selected Countries and Subjects". www.imf.org. Retrieved 2018-04-01.
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.
External links
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