write a note on ancient Indian economy.
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Answer:
The economic history of India begins with the Indus Valley Civilisation (3300–1300 BCE), whose economy appears to have depended significantly on trade and examples of overseas trade. The Vedic period saw countable units of precious metal being used for exchange. The term Nishka appears in this sense in the Rigveda.
Explanation:
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Answer:
he economic history of India begins with the Indus Valley Civilisation (3300–1300 BCE), whose economy appears to have depended significantly on trade and examples of overseas trade. The Vedic period saw countable units of precious metal being used for exchange. The term Nishka appears in this sense in the Rigveda.[1] Historically, India was the largest economy in the world for most of the next three millennia, starting around the 1st millennia BCE and ending around the beginning of British rule in India.[2]
Around 600 BCE, the Mahajanapadas minted punch-marked silver coins. The period was marked by intensive trade activity and urban development. By 300 BCE, the Maurya Empire had united most of the Indian subcontinent except 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 century and 18th century.[3][4][5][6] Up until 1000 CE, its GDP per capita was not much higher than subsistence level.[7]
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 Ming China until the 16th century. By the late 17th century, most of the Indian subcontinent had been reunited under the Mughal Empire, which 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.[8][9] During the medieval times, 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.[10][11] Bengal Subah, the empire's wealthiest province, that solely accounted for 40% of Dutch imports outside the west,[12] was a world leader in the productive agriculture, textile manufacturing and shipbuilding, in a period of proto-industrialization.[13][14][15]
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, with some of the world's highest real wages and living standards in the late 18th century.[16] During this period, Mysore overtook the wealthy Bengal Subah as India's dominant economic power, with highly productive agriculture and textile manufacturing.[17] Mysore's average income was five times higher than subsistence level at the time.[18] 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.[19]
India experienced deindustrialisation and cessation of various craft industries under British rule,[10] 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,[20] and its share of global industrial output declining from 25% in 1750 to 2% in 1900.[10] 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.[21]
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.[22][23] After the 1991 economic crisis, the central government began policy of economic liberalisation. While this has made it one of the world's fastest growing large economies, [22][24] it has come at the cost of deepening income inequality, giving it one the worst records for income inequality in the world.