indian economic history through out the ages-1

Dear all,

this topic i am going to dwell on the ecomic evolution of our country. but before that i will present few facts about our country. Some of them are accurate but some of them are not. they are all taken from commonly available sources from libraries and mostly from wikipedia.

indus valley: agrarian based trade carried out with foreign nations.

  1. GDP from 1st AD till 11th AD – 32.9%.worlds largest economy.
  2. GDP on 16th century during Mughal’s- 2nd largest – 24.5%
  3. GDP akbar’s time 2nd in the world- 22.6%.
  4. GDP aurangazeb 1st in the world with a revenue of 100 million pounds.

the economy has almost been on the top five. it always was and will always be, it aint no patriotic junk. hard facts and statistics. our population is our asset. but then came the brits and their esteemed east india company. not that i am blaming them, they did what any honourable theif or exploiter will do. use us.

from 1775 till 1850 we shifted back to 3rd in GDP. this happened mainly because of these few reasons that are known.

  1. diversion of funds from india to fuel nepolianic wars.
  2. stifling of our international trade to help fuel the industrial revolution that was in its incubatory stages in britain.
  3. Gold standard was adopted by britain but silver standard was adopted by India, the exchange rates were pretty skewed.
  4. The influence of cambridge on nehru who was veering towards fabian socialism. this can be stated as one example where literacy proved to be a bane rather a boon to our country.

but all said and done there were many good things that happened because of brits. some of them are as follows

  1. total control of the whole country, iniformity, taxes, external trade and coinage.
  2. massive industrialisation. building of railways, roads and job creation.
  3. the creation of economic professionals who could think from and our perspective.

this is just the begining. what happened might be a little inaccurate. but post- independence we have accurate data. and because of this data, our growth rate has been termed with the derogatory terminology of the hindu growth rate. hovering around 3 to 3.5%.

TO BE CONTINUED……

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