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economic history of the indian subcontinent
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This is the Economic history 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 were minted as currency belonging to a period of intensive trade activity and urban development by the Mahajanapadas.
1 AD
Indian subcontinent under the Gupta Empire united much of the subcontinent, contained 33.21% of the world’s population and contributed to around 33 to 35% of World's GDP and generated an estimated average of $450 (1990 dollars) PPP per annum.
Middle Ages
1000
Indian subcontinent contained an estimated 28.05% of the world's population, and contributed to around 30 to 33% of world's GDP. Individually generated an estimated average of $450 (1990 dollars) PPP per annum, and collectively produced $33,750 million.
1500
Indian subcontinent under the( Delhi Sultanate, vijaynagar Empire, Deccan sultanate, Gajapati Empire and Bengal Sultanate and rajput kingdoms)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.
Mughal era
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, 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%),
1600–1700
The Indian subcontinent, under Mughal Emperor's Aurangzeb becomes the world's largest economy (after the economic downfall by the transition from Ming to qing )and the most important center of manufacturing in international trade, ahead of Qing China. Worth 25% of the world's industrial output, it signalled the Proto-industrialization.
1700–1800
Large parts of the Indian subcontinent, including Bengal Subah, which accounted for 36% of Dutch imports, and Kingdom of Mysore, had some of the world's highest real wages and living standards, made direct essential contributions to the first Industrial Revolution in Britain.
Colonial period
= East India Company
=1793
Cornwallis' Permanent Settlement Instituted in Bengal
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.
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.
= 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.
1900
Under the British Empire, India's share of manufacturing declined to 2% of global industrial output.
1913
India's economy had a 5.4% share of world income under the British Empire.
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
Famine of Bengal
Post-Independence period
= Just after Independence
=1952
India's economy had a 3.8% share of world income.
1973
India's economy was $494.8 billion, which accounted for a 3.1% share of world income.
= 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.
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.
2004
First NDA govt ends, inflation is 3.8%. India's economy is $2.870 trillion (purchasing power parity) accounting for a 4.7% share of world GDP, the fourth largest.
2010
India's economy is $4.002 trillion (purchasing power parity) which accounts for a 4.5% share of world income, the fourth largest in the world in terms of real GDP (PPP).
2012
Second half of UPA-2 and Inflation 10%. India's economy is $4.825 trillion (purchasing power parity), the third largest in the world in terms of real GDP (PPP).
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%. India's economy is $9.448 trillion (purchasing power parity) and accounts for a 6.8% share of world GDP (PPP).
2021
As of 2021, India's economy is $10.207 trillion (purchasing power parity) and accounts for a 7.19% share of world GDP (PPP).
See also
Economy of South Asia
List of regions by past GDP (PPP)
References
Further reading
Maddison, Angus (2004). The World Economy: Historical Statistics. OECD. ISBN 92-64-10412-7. (See Sample Table.)
Maddison, Angus (2007). Contours of the world economy, 1–2030 AD : essays in macro-economic history. Oxford: Oxford University Press. ISBN 978-0199227204.
World Bank, 1 July 2006. PPP GDP 2005.
External links
Relation Between Inflow Of FDI and The Development Of India's Economy, IJTEMT