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Goedele De Keersmaeker estimated the GDP of the British Empire using Angus Maddison's data. Keersmaeker estimated that the British Empire's share of world GDP was 24.28% in 1870 and 19.7% in 1913. The empire's largest economy in 1870 was British India with a 12.15% share of world GDP, followed by the United Kingdom with a 9.03% share. The ...
According to some evidence cited by the economic historians Immanuel Wallerstein, Irfan Habib, Percival Spear, and Ashok Desai, has theorised that per-capita agricultural output and standards of consumption in 17th-century Mughal India was on-par with 17th-century Europe and early 20th-century British India.
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.
Railway map of India in 1871 CE Railway map of India in 1909 CE. British investors built a modern railway system in the late 19th century—it became the then fourth-largest in the world and was renowned for the quality of construction and service. [118] The government was supportive, realising its value for military use and for economic growth.
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 ...
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]
British colonial rule has been blamed for the subsequently dismal state of British India's economy, with investment in Indian industries limited since it was a colony. [152] Economic decline in India has been traced to before British colonial rule and was largely a result of increased output in other parts of the world and Mughal disintegration.