Economic history of India.docx - Economic history of India From Wikipedia the free encyclopedia Jump to navigationJump to search The economic history of

Economic history of India.docx - Economic history of India...

This preview shows page 1 - 2 out of 31 pages.

Economic history of India From Wikipedia, the free encyclopedia Jump to navigation Jump to search The economic history of India begins 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 period saw countable units of precious metal being used for exchange. The term Nishka appears in this sense in the Rigveda . [1] Later Vedic period began codifying the ancient Indian population based on caste , a social stratification which created a hierarchy of priests ( Brahmins ), warriors ( Kshatriyas ), merchants ( Vaishyas ) and laborers ( Shudras ). [2] Around 600 BC, the Mahajanapadas minted punch-marked silver coins. The period was marked by intensive trade activity and urban development. By 300 BC, the Maurya Empire had 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 medieval kingdoms, including the Cholas , Guptas , Western Gangas , Harsha , Palas , Rashtrakutas and 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 GDP per 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. [3] India experienced per capita GDP growth in the high medieval era after 1000 CE, during the Delhi Sultanate in the north and Vijayanagara Empire in the south, but was not as productive as 15th century Ming China until the 16th century. By 1700, when most of the Indian subcontinent had been reunited under Aurangzeb , the Mughal Empire became the largest economy and manufacturing power in the world, producing about a quarter of global GDP, before fragmenting and being conquered over the century. [4] [5] During the Mughal Empire, India was the world leader in manufacturing, producing 25% of the world's industrial output up until the mid-18th century, prior to British rule. [6] [7] Mughal Bengal , the empire's wealthiest province, that solely accounted for 40% of Dutch imports outside the west, [8] was a world leader in the productive agriculture , textile manufacturing and shipbuilding , and as its result, the proto-industrialization was emerged. [9] [10] [11] After the decline of the Mughal Empire, Mysoreans embarked on an ambitious economic development program that established the Kingdom of Mysore as a major economic power, with some of the world's highest real wages and living standards in the late 18th century .
Image of page 1
Image of page 2

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture