Economic history of India

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The Indus Valley Civilisation, the early civilisation of India and Pakistan, developed an economy based on agriculture and craft that later spread into central India. Angus Maddison estimates that from 1-1000 AD, the regions making up present-day India contributed roughly 30% of the world's population and GDP. India experienced per-capita GDP growth in the high medieval era. By the late 17th century, the Mughal Empire under Aurangzeb reached its greatest extent and controlled most of South Asia by the time of Aurangzeb's death in 1707. The Indian economy, Maddison estimates, produced about 27% of global GDP by the early 18th century under Aurangzeb's reign. Until the 18th century, India was one of the most important manufacturing centres in international trade. This manufacturing growth is often seen as a form of proto-industrialisation, similar to 18th-century Western Europe before the Industrial Revolution. According to Jeffrey Williamson, the Indian subcontinent deindustrialised in the...

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