Dr.C.Muthuraja's Presentation on Economic History of India : Problems and Potentials

Presented at Refresher Course (ONLINE MODE) on the theme of Historical Studies in the Digital Information Era organized by the Human Resource Development Centre (HRDC) of Madurai Kamaraj University during 16-29 September, 2022

1. Economic History of India Problems and Potentials Dr. C. Muthuraja Head, Post Graduate and Research Department of Economics The American College, Madurai - 625 002, Tamil Nadu ( [email protected] ) - (M-09486373765) (Presented at Refresher Course (ONLINE MODE) on the theme of Historical Studies in the Digital Information Era organized by the Human Resource Development Centre (HRDC) of Madurai Kamaraj University during 16-29 September, 2022 ) SINCE 1881

2. OUTLINE Introduction Economic History and Economics Economic History of India Indus Valley Civilization Ancient and Medieval Characteristics Maurya Empire Delhi Sultanate Mughal Empire Post– Mughal Empire British Rule Republic of India APPEAL ! SINCE 1881

3. Economic History EH is the academic study of economies or economic events of the Past It analyses how past economies have changed and the factors that have influenced economic development Economic history provides one way to test theory It focuses on practical questions about real economies It forms essential material to making good economic theory Economics therefore needs economic histor y SINCE 1881

4. Economic History of India India  was the one of the largest economies in the World for about two and a half millennia starting around the end of 1st millennium BC and ending around the beginning of British rule in India Around 500 BC, the  Mahajanapadas minted punch-marked silver coins. The period was marked by intensive trade activity and urban development By 300 BC, the Maurya Empire had united most of the Indian subcontinent The Maurya Empire was followed by classical and early medieval kingdoms The Indian subcontinent had the largest economy of any region in the world for most of the interval between the 1st and 18th centuries  SINCE 1881

5. Economic History of India India experienced per-capita GDP Growth in the high medieval era, coinciding with the Delhi Sultanate in the north and the Vijayanagara Empire in the south By the late 17th century, most of the Indian subcontinent had been reunited under the Mughal Empire, which for a time became the largest economy and manufacturing power in the world, producing about a quarter of global GDP 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 The Maratha Empire managed an effective administration and tax collection policy throughout the core areas under its control SINCE 1881

6. Economic History of India India experienced deindustrialisation and cessation of various craft industries under British rule 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 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. After the 1991 Economic crisis, the central government began policy of Economic Liberalisation Recent Economic Policies of India linked with IBRD/World Bank, IMF, UN and others   SINCE 1881

7. Problems to Potentials The Indus Valley civilisation, the first known permanent and predominantly urban settlement, flourished between 3500 BCE and 1800 BCE. It featured an advanced and thriving economic system. Its citizens practised agriculture, domesticated animals, made sharp tools and weapons from copper, bronze and tin, and traded with other cities. Evidence of well-laid streets, drainage systems and water supply reveals their knowledge of urban planning Agriculture was the predominant occupation and satisfied a village's food requirements while providing raw materials for hand-based industries such as textile, food processing and crafts. Besides farmers, people worked as barbers, carpenters, doctors, goldsmiths and weavers SINCE 1881

8. Problems to Potentials Religion played an influential role in shaping economic activities Family Business- Members of a family pooled their resources to maintain the family and invest in business ventures Organisational Entities-M erchant guilds and trade corporations played a very significant role in the economy and social life Coinage - While India's many kingdoms and rulers issued coins, barter was still widely prevalent. Villages paid a portion of their crops as revenue while its craftsmen received a stipend out of the crops for their services Maurya Empire- The improved infrastructure, combined with increased security, greater uniformity in measurements, and increasing usage of coins as currency, enhanced trade SINCE 1881

9. Problems to Potentials Delhi Sultanate It offered wide-ranging international networks, including social and economic networks Agriculture Manufacturing Dominant Military Power British rule British East India Company rule-Textiles-Mining-Roads-Indian Ordnance Factories-Paper and Publishing-Fall of the Rupee-Agriculture and industry-Railways- Chemicals- Economic impact of Imperialism- Relative decline in Productivity-Absence of industrialisation Republic of India Hindu rate of growth- Socialist Boom- Capitalist Boom-LPG-NEP-Globalisation Issues SINCE 1881

10. Towards Just India Role of INTERNATIONAL INSTITUTIONS - POLICIES UNION/STATE/LOCAL GOVENMENTS CORPORATE INDIA NON-GOVERNMENT ORGANISATIONS VOLUNTARISM THROUGH KNOWLEDGE, SKILLS AND TECHNOLOGY YOUTH IDEAS & POWER (DEMOGRAPHIC DIVIDEND) APPEAL HISTORY LITERACY TO ALL TOWARDS JUST INDIA HISTORY EDUCATION PLEASE EACH ONE LEARN ONE IF NOT EACH ONE MEET ONE AND LEARN ONE (QUESTIONS PLEASE) SINCE 1881