Economic history of India

rdf:langString Economic history of India

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rdf:langString Manmohan Singh

rdf:langString P. V. Narasimha Rao

rdf:langString Manmohan Singh

rdf:langString P. V. Narasimha Rao

rdf:langString Silver coin of Avanti Mahajanapada, c. 400 BC.

rdf:langString Silver coin of the Gupta dynasty, 5th century AD.

rdf:langString Silver coin of the Maurya Empire, 3rd century BC.

rdf:langString Silver coins of Kosala Mahajanapada, c. 525 BC.

rdf:langString An inscribed invocation to the Adi Granth in Punjabi at the Ateshgah.

rdf:langString An inscribed invocation to Lord Shiva in Sanskrit at the Ateshgah.

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rdf:langString Economic liberalisation in India was initiated in 1991 by Prime Minister P. V. Narasimha Rao and his then-Finance Minister Dr. Manmohan Singh.

rdf:langString Atashgah is a temple built by Indian traders before 1745, west of the Caspian Sea.

rdf:langString center

rdf:langString Ateshgah door 18 inscription.png

rdf:langString Ateshgah temple inscription.png

rdf:langString I13 12karshapana Avanti 1ar .jpg

rdf:langString Kosala Karshapana.jpg

rdf:langString Manmohansingh04052007.jpg

rdf:langString MauryanCoin.JPG

rdf:langString Silver Coin of Kumaragupta I.jpg

rdf:langString Manmohan Singh

rdf:langString P. V. Narasimha Rao

rdf:langString India was the one of the largest economies in the world, for about two and a half millennia starting around the end of 1st millennium BC and ending around the beginning of British rule in India. Around 500 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 including Tamilakam, which was ruled by Three Crowned Kings. 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, Pandyas, Cheras, Guptas, Western Gangas, Harsha, Palas, Rashtrakutas and Hoysalas. The Indian subcontinent had the largest economy of any region in the world for most of the interval between the 1st and 18th centuries. Until 1000 AD, it was a subsistence economy with GDP per capita just above subsistence level, and with no GDP growth between 1 and 1000 AD. India experienced per-capita GDP growth in the high medieval era, coinciding with the Delhi Sultanate in the north and the Vijayanagara Empire in the south. By the late 17th century, most of the Indian subcontinent had been reunited under the Mughal Empire, which for a time became the largest economy and manufacturing power in the world, producing about a quarter of global GDP, before fragmenting and being conquered over the next century. Bengal Subah, the empire's wealthiest province, that solely accounted for 40% of Dutch imports outside the west, had an advanced, productive agriculture, textile manufacturing and shipbuilding, in a period of proto-industrialization. By the 18th century, the Mysoreans had embarked on an ambitious economic development program that established the Kingdom of Mysore as a major economic power. Sivramkrishna analyzing agricultural surveys conducted in Mysore by Francis Buchanan in 1800-1801, arrived at estimates, using "subsistence basket", that aggregated millet income could be almost five times subsistence level. The Maratha Empire also managed an effective administration and tax collection policy throughout the core areas under its control and extracted chauth from vassal states. India experienced deindustrialisation and cessation of various craft industries under British rule, which along with fast economic and population growth in the Western world, resulted in India's share of the world economy declining from 24.4% in 1700 to 4.2% in 1950, and its share of global industrial output declining from 25% in 1750 to 2% in 1900. Due to its ancient history as a trading zone and later its colonial status, colonial India remained economically integrated with the world, with high levels of trade, investment and migration. The Republic of India, founded in 1947, adopted central planning for most of its independent history, with extensive public ownership, regulation, red tape and trade barriers. After the 1991 economic crisis, the central government began policy of economic liberalisation.