Indian Economy Past-Present-Future with world view

The Indian economy has experienced significant changes over the decades, transforming from a largely agrarian society to a more diversified economy with growing industrial and service sectors. Here's an overview of the Indian economy's past, present, and potential future, along with a comparison to global economic trends.

- PS Parameswaran

The Indian economy has experienced significant changes over the decades, transforming from a ☐ economy with growing industrial and service largely agrarian society to a more diversified sectors. Here's an overview of the Indian economy's past, present, and potential future, along with a comparison to global economic trends.

Understanding the economy of India requires a comprehensive look at both the pre-independence and post-independence eras. Here's an overview:

Past

Pre-Independence Era

Ancient and Medieval Period

India was predominantly an agrarian society. Agriculture formed the backbone of the economy, with a vast majority of the population engaged in farming, Alongside, India was a major hub for trade, known for its spices, textiles, and other goods. The Silk Road and maritime trade routes facilitated extensive trade with Central Asia, the Middle East, Europe, and Southeast Asia. Artisans and craftsmen organized themselves into guilds which regulated production, quality, and prices of goods.

Colonial Period (1757-1947)

The British East India Company and later the British Crown controlled India, leading to significant changes in the economy. Traditional industries like textiles suffered due to British policies favouring the import of British goods and the export of raw materials from India. The introduction of the Zamindari, Ryotwari, and Mahalwari systems disrupted traditional agrarian structures and led to widespread exploitation of farmers. The British built extensive railway networks and other infrastructure primarily to serve their administrative and economic interests. Policies favouring British economic interests, heavy taxation, and neglect of local welfare led to famines and widespread poverty.

Post-Independence Era

Early Years (1947-1991)