Economic history of India. The known economic history of India begins with the Indus Valley Civilisation (– BC), whose economy appears to have depended significantly on trade, which was facilitated by advances in transport. By BC, the Maurya Empire united most of the Indian subcontinent. Information about economic history of India ancient, during Mughal rule, advent of the Europeans and independent India economy. India has an economic history of thousands of years that dates back to the Indus valley Indus civilization had great economy, which can be seen How has British rule over India affected the Indian economy?
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The main source of economy and income for the people in the ancient ages was agriculture. The fertile plains, rivers and water bodies and history of indian economics favorable climate provided a wonderful scope for agricultural produce in the country.
The ancient civilizations of India like Indus Valley, the Aryan civilization, Mauryan Empire, Gupta Empire and most other dynasties had a planned economic system.
In some dynasties, even coins were issued. However, the chief form of trading in those times was the barter system. According to the economic rule, the farmers and villagers were required to provide a part of their crops or produce to the kings or the landlords.
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India saw some of the most golden year in terms of economics in Mughal era. India was ruled for over years by the Mughal emperors and had some of the most powerful rulers who had good knowledge of trade and commerce.
However, it still experienced some unprecedented downs in economy. Studies have revealed that the gross domestic surplus goods contributed the world's Indian historian Rajat Kanta Ray continues this history of indian economics of reasoning, saying the new economy brought by the British in the 18th century was a form of plunder and a catastrophe for the traditional economy of Mughal India.
History Of Indian Economics
Economic Drain Theory Ray believes that British depleted the food and money stocks and imposed high taxes that helped cause the terrible famine ofwhich killed a third of the people of Bengal. Marshalla British historian known for his work on the British empire, has a reinterpretation of the view that the prosperity of the formerly being Mughal rule gave history of indian economics to poverty and anarchy.
Marshall argues the British takeover did not make any sharp break with the past. British control was delegated largely through regional rulers and was sustained by a generally prosperous economy for the rest of the 18th century, except the frequent famines with very high fatality history of indian economics Famine in India.
Marshall notes the British raised revenue through local tax administrators and kept the old Mughal rates of taxation.
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Instead of the Indian nationalist account of the British as alien aggressors, seizing power by brute force and impoverishing all of India, Marshall presents a British nationalist interpretation in which the British were not in full control but instead were controllers in what was primarily an Indian play and in which their ability to keep history of indian economics depended history of indian economics excellent cooperation with Indian elites.
Marshall admits that much of his interpretation is still rejected by almost all historians. This Nehruvian policy suppressed economic growth for several decades.
Socialist rate of growth Compare India orange with South Korea yellow. Both started from about the same income level in History of indian economics infrastructure was mainly geared towards the exploitation of resources, leaving industrial development stalled and agriculture unable to feed a rapidly accelerating population.
history of indian economics Indians were subject to frequent famines, had one of the world's lowest life expectanciessuffered from pervasive malnutrition and were largely illiterate. More This book examines India's economic history through the lenses of global history. The next years saw India with many rulers and is known as the largest economy of the world that dates back to the 1st and the 17th centuries AD.