The known Economic history of India begins with the Indus Valley civilization. The Indus civilization's economy appears to have depended significantly on trade, which was facilitated by advances in transport. Around 600 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 united most of the Indian subcontinent. The political unity and military security allowed for a common economic system and enhanced trade and commerce, with increased agricultural productivity. For the next 1500 years, India produced its classical civilizations such as the Rashtrakutas, Hoysalas and Western Gangas. During this period India is estimated to have had the largest economy of the ancient and medieval world between the 1st and 15th centuries AD, controlling between one third and one fourth of the world's wealth up to the time of the Marathas, from whence it rapidly declined during European rule. India has followed central planning for most of its independent history, which have included extensive public ownership, regulation, red tape, and trade barriers. After the 1991 economic crisis, the central government launched economic liberalization. India has turned towards a more capitalist system and has emerged as one of the fastest growing large economies of the world. Contents [hide] * 1 Indus Valley civilization * 2 Ancient and medieval characteristics * 2.1 Religion * 2.2 Family business * 2.3 Organizational entities * 2.4 Coinage * 2.5 Exports * 2.6 GDP estimate * 3 Maurya Empire * 4 Mughal Empire * 4.1 1526 * 4.2 1600 * 4.3 1700 * 5 Nawabs, Marathas and Nizams * 5.1 1725 - 1750 * 5.2 1750 - 1775 * 6 British rule * 6.1 GDP estimates * 6.2 The fall of the Rupee * 6.3 British East India Company rule * 6.3.1 Decline of the cotton textile industry * 6.4 British Raj * 6.4.1 1850–1875 * 6.4.2 1875–1900 * 6.4.3 1900–1925 * 6.4.4 1925–1950 * 6.5 Economic impact of British imperialism * 7 Republic of India * 7.1 Nehruvian Socialist rate of growth * 7.2 Socialist reforms (1950-1975) * 7.3 1975 - 2000 * 7.4 2000 - present * 8 See also * 9 References * 10 Bibliography * 11 External links| -------------------------------------------------
Indus Valley civilization
The Indus Valley civilization, the first known permanent and predominantly urban settlement that flourished between 2800 BC to 1800 BC boasted of an advanced and thriving economic system. Its citizens practiced agriculture, domesticated animals, made sharp tools and weapons from copper, bronze and tin and traded with other cities. Evidence of well laid streets, layouts, drainage system and water supply in the valley's major cities, Harappa, Lothal, Mohenjo-daro and Rakhigarhireveals their knowledge of urban planning. One of the theories about their end is that they eventually overused their resources, and slowly died out. [Citation needed]. -------------------------------------------------
Ancient and medieval characteristics
Though ancient India had a significant urban population, much of India's population resided in villages, whose economy was largely isolated and self-sustaining. Agriculture was the predominant occupation of the populace and satisfied a village's food requirements besides providing raw materials for hand based industries like textile, food processing and crafts. Besides farmers, other classes of people were barbers, carpenters, doctors (Ayurvedic practitioners), goldsmiths, weaversetc. Religion
Religion, especially Hinduism, played an influential role in shaping economic activities. The Indian caste system castes and sub-castes functioned much like medieval European guilds, ensuring division of labour and provided for training of apprentices. The caste system...