Presented By:• Tanjot Kaur• Tanu Khosla• Priyanka• Shivam Kapoor

Introduction

GOD(Generates - Observes - Destroys)

Generates – Brahma Observes - VishnuDestroys - Shiva

Economic History of India The known Economic history of India begins with the 

Indus Valley civilization. During the Mughal period (1526–1858) in the 16th century, the

gross domestic product of India was estimated at about 25.1% of the world economy.

• Economic historians in the 21st century have found that in the 18th century real wages were falling in India, and were "far below European levels.

After gaining the right to collect revenue in Bengal in 1765, the East India Company largely ceased importing gold and silver, which it had hitherto used to pay for goods shipped back to Britain.[20] In addition, as under Mughal rule, land revenue collected in the Bengal Presidency helped finance the Company's wars in other part of India.[20] Consequently, in the period 1760–1800, Bengal's money supply was greatly diminished

-The British colonial rule created an institutional environment that stabilized law and order to a large extent. 

-. The British foreign policies however stifled the trade with rest of the world. They created a well-developed system of railways, telegraphs and a modern legal system. 

The Pre Colonial Period(500BC-1700 )

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

India's economy had a 52.9% share of world income, the largest in the world. 1000

India's economy had a 33% share of world income, the largest in the world. 1500

India's economy had a 24.5% share of world income, the second largest in

the world after China, which had a 25% share. 1700

India's economy had a 24.4% share of world income, the largest in the world.

The Colonial Period(1700 - 1947)

British East India Company whose political power gradually expanded in India from 1757 onwards, used huge revenue generated by the provinces under its rule for purchasing. Indian raw materials, spices and goods.

In short span of 80 years (1780-1860 AD) under Colonial rule, India changed from being an exporter of processed goods for which it received payment in billion, to being an exporter of raw materials and a buyer of manufactured goods.

The ruthless exploitation under British colonial rule completely devastated India‟s economy

As per British economist, Angus Maddison India's share of the world income went from 27% in 1700 AD (compared to Europe's share of 23%) to 3% in 1950.

The Post Colonial Period(1947-2015) Nehruvian era

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–present1991◦ Economic liberalisation was initiated by Indian prime minister P. V. Narasimha Rao and

his finance minister Manmohan Singh in response to a macroeconomic crisis.2010◦ India's economy is $4.002 trillion (purchasing power parity) which accounts for a 6.3%

share of world income, the fourth largest in the world in terms of real GDP.2012◦ India's economy is $4.825 trillion (purchasing power parity), the third largest in the world

in terms of real GDP.

Facts about India

5000 years of old civilization 325 languages spoken-1652 dialects18 official languages29 states, 5 union territories3.8 million sq. kilometers- Area7516 kilometers- coastline1.2 billion people in 2015

Parlimentary form of government Secular democratic constitutionWorld’s largest democracy since 55 years4th largest economyFastest growing IT power

About Current Economy7th largest in the world by-nominal GDPGDP growth rate 4.10%, GDP annual

growth rate 7.50%1.87 trillion USD in 2015Third largest by PPP(Purchasing Power

Parity)One of the member of BRICSDeveloping economy 7% average growth

rate since last 2 decades

Sectors:

AgricultureIndustry

Agriculture SectorAgriculture is an important part of Indian

economy according to New-York times article in 2008, claimed with the right technology and policy India could contribute to feeding not just itself but the world however agriculture out of India lags far behind because of several factors such as governmental intervention in labour land and credit markets, rural roads , food storage etc. are inadequate.

Industrial Sector Industry accounts for 26% of GDP and employs 22% of the total

workforce. According to the World Bank, India's industrial manufacturing GDP output in 2012 was 10th largest in the world on current US dollar basis ($239.5 billion), and 9th largest on inflation adjusted constant 2005 US dollar basis ($197.1 billion).

Petroleum products and chemicals Pharmaceuticals Engineering Gems and jewellery Textile Mining