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However, by the end of British rule, India's economy represented a much smaller proportion of global GDP. In 1820, India's GDP was 16% of the global GDP. By 1870, it had fallen to 12%, and by 1947 to 4%. India's per-capita income remained mostly stagnant during the Raj, with most of its GDP growth coming from an expanding population. Per capita ...
The economic history of the India since 1947 can be divided into two epochs: 1.1947-91 which saw heavy government involvement in the economy, and a slow growth rate in GDP 2.1991–present which saw deregulation and a rapid growth in GDP, and reduction in poverty.
Pages in category "Economic history of India (1947–present)" The following 36 pages are in this category, out of 36 total. This list may not reflect recent changes. C.
Lord Louis Mountbatten, viceroy of India, discusses Britain's partition plan with Hindu and Muslim leaders in the summer of 1947. AP Photo/Max DesforIndia and Pakistan inherited the same economic ...
The plan, published in 1944/1945 by eight leading Indian industrialists, proposed state intervention in the economic development of the nation after independence from the United Kingdom (which took place in 1947).
India has never been a socialist country in the strict sense of the term. After independence in 1947, India adopted a mixed economy model, with elements of both socialism and capitalism. [17] It was seen as a way to achieve rapid industrialization and economic development, and to reduce the country's dependence on foreign capital and imports. [18]
By the 19th century, the British empire had replaced the Indian economy as the world's largest textile manufacturer. From 1858, the Indian economy was controlled directly under British imperial rule, also known as the British Raj. India continued to be occupied by the British until India gained independence in 1947.
The gross domestic product of India was estimated at 24.4% of the world's economy in 1500, 22.4% in 1600, 16% in 1820, and 12.1% in 1870. India's share of global GDP declined to less than 2% of global GDP by the time of its independence in 1947, and only rose gradually after the liberalization of its economy beginning in the 1990s.