Economic history of IndiaFrom Wikipedia, the free encyclopediaJump to navigationJump to searchThe economic history of Indiabegins with the Indus Valley Civilization(3300–1300 BC), whose economy appears to have depended significantly on trade and examples of overseas trade, notable being Indus-Mesopotamia relations. The Vedic periodsaw countable units of precious metal being used forexchange. The term Nishkaappears in this sense in the Rigveda.Later Vedic period began codifying the ancient Indian population based on caste, a social stratificationwhich created a hierarchy of priests (Brahmins), warriors (Kshatriyas), merchants (Vaishyas) and laborers (Shudras).Around 600 BC, the Mahajanapadasminted punch-marked silver coins. The period was marked by intensive trade activity and urban development. By 300 BC, the Maurya Empirehad united most of the Indian subcontinent. The resulting political unity and military security allowed for a common economic system and enhanced trade and commerce, with increased agricultural productivity.The Maurya Empire was followed by classical and early medievalkingdoms, including the Cholas, Guptas, Western Gangas, Harsha, Palas, Rashtrakutasand Hoysalas. During this period, Between 1 CE and 1000 CE, the Indian subcontinent is estimated to have accounted for one-third, to one-fourth of the world's population, and product, though GDPper capita was stagnant. According to the Balance of Economic Power, India had the largest and most advanced economy for most of the interval between the 1st century and 18th century, the most of any region for a large part of the last two millennia.India experienced per capita GDP growthin the high medievalera after 1000 CE, during the Delhi Sultanatein the north and Vijayanagara Empirein the south, but was not as productive as 15th century Ming Chinauntil the 16th century. By 1700, when most of the Indian subcontinent had been reunited under Aurangzeb, the Mughal Empirebecame the largest economy and manufacturing power in the world, producing about a quarter of global GDP, before fragmenting and being conquered over the century.During the Mughal Empire, India was the world leader in manufacturing, producing 25% of theworld's industrialoutput up until the mid-18th century, prior to British rule.Mughal Bengal, the empire's wealthiest province, that solely accounted for 40% of Dutch importsoutside the west,was a world leader in the productive agriculture, textile manufacturingand shipbuilding, and as its result, the proto-industrializationwas emerged.After the decline of the Mughal Empire, Mysoreans embarked on an ambitious economic development programthat established the Kingdom of Mysoreas a major economic power, with some of the world's highest real wagesand living standardsin the late 18th century.