Economic history of India - Wikipedia, the free encyclopedia
Economic history of India - Wikipedia, the free encyclopedia
According to economic historian Angus Maddison in his book The World Economy: A Millennial Perspective, India had the world's largest economy between the 1st century and 15th century, from a 32.9% share of world GDP in the 1st century to 24.5% in 1500, when China overtook India with a 25% share in that same year. In 1700, India had a 24.4% share of world GDP, which fell drastically to 3.8% by 1952. Another estimate of India's pre-colonial economy puts the revenue of Akbar's Mughal empire in 1600 at £17.5 million, in contrast to the entire treasury of Great Britain in 1800, which totalled £16 million.
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According to economic historian Angus Maddison in his book The World Economy: A Millennial Perspective, India had the world's largest economy between the 1st century and 15th century, from a 32.9% share of world GDP in the 1st century to 24.5% in 1500, when China overtook India with a 25% share in that same year. In 1700, India had a 24.4% share of world GDP, which fell drastically to 3.8% by 1952. Another estimate of India's pre-colonial economy puts the revenue of Akbar's Mughal empire in 1600 at £17.5 million, in contrast to the entire treasury of Great Britain in 1800, which totalled £16 million.
need more references
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