Indian economy is positioned as Sixth in terms of the nominal GDP and is considered as the third largest economy in terms of purchasing power parity (PPP). The years, 2015 and 2016 has played a vital role in Indian economic development as during this period Indian World Bank’s expansion and growth was observed. This was the major reason why economy developed to 7.6%. However, this growth diminished in 2017 to 7.1% but it is assumed that the growth rate will rise up to 7.2% in 2018 following 7.7% in 2019. Indian economy is mainly known for its service sectors as it has been one of the leading countries to export business process outsourcing (BPO) services and software services. India is also rich in agricultural sector employing thousands of people in agricultural fields and seeking a second position in the world in terms of farm output.
History of Indian economy
After the conclusion of British rule, India’s economy grew but the rate of development was slow. When India adopted liberalization, it became one of the fastest growing countries in the world. Generally, there were 3 era’s in Indian histories that are: ancient and medieval period, Mughal era, and British era. Let’s discuss these periods in detail:
Ancient and medieval era
The ancient period is linked with 1800 BC and 2800 BC when the people used to exercise agricultural activities, use uniform measures to weight, developed urban sanitation system, and brought in various changes. South India and West Asia were the two regions involved in maritime trading and the two spots named Coromandel Coast and Malabar was set as the trading centers. However, the trading could not sustain for a long time as the Coromandel Coast and Malabar was snatched and controlled by the Jewish, Parsi, Syria, Muslim, and Christian.
In this era, the reputed kings and rulers used to take revenues from the small agricultural farmers for lending them the land to harvest crops. The farmers were given some harvested crops for their hard work and services. This clearly states that though the kings had the authority to issue coins and currency, the barter system still exist and exploited the peasants.