Indian economy after independence

They shared certain cultural traits with their Asian contemporaries, such as the use of fire and domesticated dogs; they do not seem to have used other Old World technologies such as grazing animals, domesticated plants, and the wheel.

Indian economy after independence

Tharisapalli plates granted to Saint Thomas Christians by South Indian Chera ruler Sthanu Ravi Varma testify that merchant guilds and trade corporations played a very significant role in the economy and social life during the Kulasekhara period of Kerala, India. The inscription shown, is a Sanskrit invocation of Lord Shiva.

The combination of protectionistimport-substitutionFabian socialismand social democratic -inspired policies governed India for sometime after the end of British rule.

The economy was then characterised by extensive regulation, protectionismpublic ownership of large monopolies, pervasive corruption and slow growth. Evidence of well-planned streets, a drainage system and water supply reveals their knowledge of urban planningwhich included the first-known urban sanitation systems and the existence of a form of municipal government.

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Both the Malabar and Coromandel Coasts were the sites of important trading centres from as early as the first century BC, used for import and export as well as transit points between the Mediterranean region and southeast Asia.

Historians Tapan Raychaudhuri and Irfan Habib claim this state patronage for overseas trade came to an end by the thirteenth century AD, when it was largely taken over by the local Parsi, Jewish, Syrian Christian and Muslim communities, initially on the Malabar and subsequently on the Coromandel coast.

Indian economy after independence

These traders built a Hindu templewhich suggests commerce was active and prosperous for Indians by the 17th century. Villages paid a portion of their agricultural produce as revenue to the rulers, while their craftsmen received a part of the crops at harvest time for their services.

Associated ranges and hills The spice trade between India and Europe was the main catalyst for the Age of Discovery. The inscription shown, is a Sanskrit invocation of Lord Shiva.

Silver coin of the Gupta dynasty5th century AD. Mughal era — See also: Muslin trade in Bengal and Economy of the Kingdom of Mysore The Indian economy was large and prosperous under the Mughal Empireup until the 18th century.

The Mughal economy functioned on an elaborate system of coined currency, land revenue and trade. Gold, silver and copper coins were issued by the royal mints which functioned on the basis of free coinage.

Key industries included textilesshipbuildingand steeland processed exports included cotton textiles, yarnsthreadsilkjute products, metalwareand foods such as sugaroils and butter.

Early cultural development

Indeed, at the beginning of the 20th century, "the brightest jewel in the British Crown" was the poorest country in the world in terms of per capita income. The British East India Company, following their conquest of Bengal inhad forced open the large Indian market to British goods, which could be sold in India without tariffs or dutiescompared to local Indian producers who were heavily taxedwhile in Britain protectionist policies such as bans and high tariffs were implemented to restrict Indian textiles from being sold there, whereas raw cotton was imported from India without tariffs to British factories which manufactured textiles from Indian cotton and sold them back to the Indian market.

It also established a system of railways and telegraphs, a civil service that aimed to be free from political interference, a common-law and an adversarial legal system.

However, at the end of colonial rule, India inherited an economy that was one of the poorest in the developing world, [] with industrial development stalled, agriculture unable to feed a rapidly growing population, a largely illiterate and unskilled labour force, and extremely inadequate infrastructure.

Subsequently, the policy of discriminating protection where certain important industries were given financial protection by the statecoupled with the Second World War, saw the development and dispersal of industries, encouraging rural—urban migration, and in particular the large port cities of BombayCalcutta and Madras grew rapidly.

Economic historian Prasannan Parthasarathi presented earnings data which showed real wages and living standards in 18th century Bengal and Mysore being higher than in Britain, which in turn had the highest living standards in Europe.

Licence Raj Indian economic policy after independence was influenced by the colonial experience, which was seen as exploitative by Indian leaders exposed to British social democracy and the planned economy of the Soviet Union.

Steel, mining, machine tools, telecommunications, insurance, and power plants, among other industries, were effectively nationalised in the mids. Figures are inflation-adjusted to International Geary-Khamis dollars. They expected favourable outcomes from their strategy, involving the rapid development of heavy industry by both public and private sectorsand based on direct and indirect state intervention, rather than the more extreme Soviet-style central command system.

Tataon the Indian regulatory system, [] Sincethe use of high-yielding varieties of seedsincreased fertilisers and improved irrigation facilities collectively contributed to the Green Revolution in Indiawhich improved the condition of agriculture by increasing crop productivity, improving crop patterns and strengthening forward and backward linkages between agriculture and industry.India India Encyclopædia Britannica, Inc.; It is known from archaeological evidence that a highly sophisticated urbanized culture—the Indus civilization—dominated the northwestern part of the subcontinent from about to vetconnexx.com that period on, India functioned as a virtually self-contained political and cultural arena, which gave rise to a distinctive tradition that was.

The economic development in India followed socialist-inspired politicians for most of its independent history, including state-ownership of many sectors; India's per capita income increased at only around 1% annualised rate in the three decades after its independence.

The years of independence have seen many changes in the socio-economic landscape of Asia's third largest economy. During the decades that followed the colonial rule, India's economy, in absolute terms, has expanded to Rs 57 lakh crore from mere Rs lakh crore and the nation's foreign exchange.

India - Discovering the Wonder that is India, Know about India including its History, Geography, Culture, Governance, Economy, Science & Technology, Travel & Tourism.

India's post-independence growth story is a nuanced picture of spectacular successes in the political sphere combined with unforgivable social failure. Though India has enjoyed higher growth rates than Mexico for three decades, its per capita GDP in was equal to that in Mexico in the s.

To better understand India’s economic growth, its economic history should divided into two phases, the first 45 years after the independence and the last twenty years as a free market economy. During the first 45 years after independence, India’s economy was divided into two distinct segments, private and public.

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