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Other economic historians have blamed the colonial rule for the current dismal state of India's economy, with investment in Indian industries limited since it was a colony. [133] Under British rule, India's a number of native manufacturing industries shrank.
Moosvi estimates that Mughal India also had a per-capita income 1.24% higher in the late 16th century than British India had in the early 20th century, and the secondary sector contributed a higher percentage to the economy of the Mughal Empire (18.2%) than it did to the economy of early 20th-century British India (11.2%). [19]
The economic de-industrialisation of India refers to a period of studied reduction in industrial based activities within the Indian economy from 1757 to 1947. The Indian economy was controlled under the rule of the British East India Company from 1757 to 1858.
Maddison's estimates of global GDP, [6] China and India being the most powerful until the 18th century. Bengal Subah was valued 50% of Mughal India's GDP.. 1500–1600 Indian subcontinent, mostly under the Mughal Empire (after the conquest of the Delhi Sultanate and Bengal Sultanate) became economically 10 times more powerful than the contemporary Kingdom of France, [7] contained an estimated ...
Under British rule, India's share of the world economy declined from 24.4% in 1700 down to 4.2% in 1950. India's GDP (PPP) per capita was stagnant during the Mughal Empire and began to decline prior to the onset of British rule. [144] India's share of global industrial output declined from 25% in 1750 down to 2% in 1900. [126]
A map of British India in 1909. The Great Depression in India was a period of economic depression in the Indian subcontinent, then under British colonial rule.Beginning in 1929 in the United States, the Great Depression soon began to spread to countries around the globe.
During the COVID-19 pandemic, numerous rating agencies downgraded India's GDP predictions for FY21 to negative figures, [228] [229] signalling a recession in India, the most severe since 1979. [230] [231] The Indian Economy contracted by 6.6 percent which was lower than the estimated 7.3 percent decline. [232]
His thesis on de-industrialization of India under the British rule remains forceful argument in Indian historiography. [citation needed] To quote him: India in the eighteenth century was a great manufacturing as well as great agricultural country, and the products of the Indian loom supplied the markets of Asia and of Europe.