The economy of India is a developing mixed economy with a notable public sector in strategic sectors. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP); on a per capita income basis, India ranked 136th by GDP (nominal) and 125th by GDP (PPP). From independence in 1947 until 1991, successive governments followed the Soviet model and promoted protectionist economic policies, with extensive Sovietization, state intervention, demand-side economics, natural resources, bureaucrat driven enterprises and economic regulation. This is characterised as dirigism, in the form of the Licence Raj. The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India and indicative planning. Since the start of the 21st century, annual average GDP growth has been 6% to 7%., India has about 1,900 public sector companies, Indian state has complete control and ownership of railways, highways; majority control and stake in banking, insurance, farming, dairy, fertilizers & chemicals, airports, nuclear, mining, digitization, defense, steel, rare earths, water, electricity, oil and gas industries and power plants, and has substantial control over digitalization, Broadband as national infrastructure, telecommunication, supercomputing, space, port and shipping industries, among other industries, were effectively nationalised in the mid-1950s.
The Khalji or Khilji dynasty was a Turco-Afghan dynasty that ruled the Delhi Sultanate for three decades between 1290 and 1320. It was the second dynasty to rule the Delhi Sultanate which covered large swaths of the Indian subcontinent. It was founded by Jalal ud din Firuz Khalji.
Around 500 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 had united most of the Indian subcontinent except Tamilakam, which was ruled by the Three Crowned Kings.The resulting political unity and military security allowed for a common economic system and enhanced trade and commerce, with increased agricultural productivity.
Famine had been a recurrent feature of life in the South Asian subcontinent countries of India and Bangladesh, most notoriously under British rule. Famines in India resulted in millions of deaths over the course of the 18th, 19th, and early 20th centuries. Famines in British India were severe enough to have a substantial impact on the long-term population growth of the country in the 19th and early 20th centuries.
Jean Drèze is a Belgian-born Indian welfare economist, social scientist and activist. He has worked on several developmental issues facing India like social welfare, poverty and gender inequality.
The history of agriculture in India dates back to the Neolithic period. India ranks second worldwide in farm outputs. As per the Indian economic survey 2020 -21, agriculture employed more than 50% of the Indian workforce and contributed 20.2% to the country's GDP.
Bina Agarwal is an Indian development economist and Professor of Development Economics and Environment at the Global Development Institute at The University of Manchester. She has written extensively on land, livelihoods and property rights; environment and development; the political economy of gender; poverty and inequality; legal change; and agriculture and technological transformation.
Sukhadeo Thorat an Indian economist, educationist, professor and writer. He is the former chairman of the University Grants Commission. He is professor emeritus in Centre for the Study of Regional Development, Jawaharlal Nehru University. He is an expert on B. R. Ambedkar.
The economic liberalisation in India refers to the series of policy changes aimed at opening up the country's economy to the world, with the objective of making it more market-oriented and consumption-driven. The goal was to expand the role of private and foreign investment, which was seen as a means of achieving economic growth and development. Although some attempts at liberalisation were made in 1966 and the early 1980s, a more thorough liberalisation was initiated in 1991.
The oldest evidence for Indian agriculture is in north-west India at the site of Mehrgarh, dated ca. 7000 BCE, with traces of the cultivation of plants and domestication of crops and animals. Indian subcontinent agriculture was the largest producer of wheat and grain. They settled life soon followed with implements and techniques being developed for agriculture. Double monsoons led to two harvests being reaped in one year. Indian products soon reached the world via existing trading networks and foreign crops were introduced to India. Plants and animals—considered essential to their survival by the Indians—came to be worshiped and venerated.
Bakul Harshadrai Dholakia is the former Director of Indian Institute of Management Ahmedabad (2002–2007). Prior to that, he was the Dean at Ahmedabad (1998–2001) and a professor in Economics He was also the Director General of International Management Institute, New Delhi. Prior to joining IMI New Delhi, he was the Director of Adani Institute of Infrastructure Management and Gujarat Adani Institute of Medical Sciences, Bhuj.
Arvind Panagariya is an Indian economist who is also holding the position of Jagdish Bhagwati, the Director of Deepak and Neera Raj Center on Indian Economic Policies at School of International and Public Affairs at Columbia University in New York City. He served as first vice-chairman of the government of India think-tank NITI Aayog between January 2015 and August 2017. He has been appointed as the chairman of 16th Finance Commission by the government of India. He is a former Chief Economist of the Asian Development Bank. He was awarded the Padma Bhushan by the President of India in 2012 for his contributions in the field of economics and Public Policy.
Abhijit Sen was an Indian economist who focused on studying rural development. Sen was appointed to the Planning Commission of India between 2004 and 2014 and held a number of policy making positions in India. Amongst his works included recommendations toward establishment of minimum support price for farm produce and a universal public distribution system. Sen was a recipient of the Padma Bhushan, India's third highest civilian honor, in 2010.
Shenggen Fan (樊胜根) was the Director General of the International Food Policy Research Institute (IFPRI) between 2009 and 2019.
The National Food Security Act 2013, also known as Right to Food Act, is an Indian Act of Parliament which aims to provide subsidized food grains to approximately two thirds of the country's 1.4 billion people. It was signed into law on 12 September 2013, retroactive to 5 July 2013.
The Institute of Economic Growth (IEG) is an autonomous, multidisciplinary Centre for advanced research and training. Established in 1958, its faculty of about 23 social scientists and a large body of supporting research staff focus on areas of social and policy concern.
The minimum support price (MSP) is the minimum price for select crops raised in kharif and rabi seasons that the Government of India considers as remunerative for farmers and hence deserves support. This is different from procurement price and issue price. It is generally announced before the sowing/planting season. It is approved by the government and aims to safeguard the farmer to a minimum profit for the harvest while at the same time increasing food security in the country. MSP was initially an incentive for farmers to adopt technology with an aim of increasing the productivity of agricultural land in the 1960s, however in the 2000s it is seen as a market intervention and farmer income scheme. The effectiveness of such a price policy has varied widely between states and commodities. Awareness among farmers of the existence of an MSP is poor at 23%, while awareness of MSP procurement agencies is also poor with only about 20–25% of wheat and paddy produce being sold at MSP.
Barbara Harriss-White is an English economist and emeritus professor of development studies. She was trained in geography, agricultural science, agricultural economics and self-taught in development economics. In the 1990s, she helped to create the multi- and inter- disciplinary thematic discipline of development studies in Oxford Department of International Development; and in 2005-7 founded Oxford's Contemporary South Asia Programme. She has developed an approach to the understanding of Indian rural development and its informal economy, grounded in political economy and decades of what the economic anthropologist Polly Hill called ‘field economics’.
Doubling farmers' income (DFI) is a target set by the government of India in February 2016 to be achieved by 2022. The DFI Committee submitted hundreds of recommendations to this effect in September 2018 and is empowered to oversee their implementation.
The Mughal Empire's economic prowess and sophisticated infrastructure played a pivotal role in shaping South Asia's history. While the Mughal Empire is conventionally said to have been founded in 1526 by Babur, the Mughal imperial structure, however, is sometimes dated to 1600, to the rule of Babur's grandson, Akbar. The economy in South Asia during the Mughal era increased in productivity compared to medieval times. Mughal India's economy has been described as a form of proto-industrialization, an inspiration for the 18th-century putting-out system of Western Europe prior to the Industrial Revolution. It was described as large and prosperous. India under Mughal rule produced about 28% of the world's industrial output up until the 18th century with significant exports in textiles, shipbuilding, and steel, driving a strong export-driven economy. At the start of 17th century, the economic expansion within Mughal territories become the largest and surpassed the Qing dynasty and Europe. The share of the world's economy grew from 22.7% in 1600, which at the end of 16th century, had surpassed China to have the world's largest gross domestic product (GDP). Bengal Subah, the empire's wealthiest province, along contributed to 12% of GDP and was a major hub for industries, contributing significantly to global trade and European imports, particularly in textiles and shipbuilding.
