Year | GDP (PPP) (1990 dollars) | GDP per capita (1990 dollars) | Avg % GDP growth | % of world GDP (PPP) | Population | % of world population | Period | ||||
---|---|---|---|---|---|---|---|---|---|---|---|
1 | 33,750,000,000 | 450 | — | 32.0 | 70,000,000 | 30.03 | Classical era | ||||
1000 | 33,750,000,000 | 450 | 0.0 | 28.0 | 72,500,000 | 27.15 | Early medieval era | ||||
1500 | 60,500,000,000 | 550 | 0.117 | 24.35 | 79,000,000 | 18.0 | Late medieval era | ||||
Alternative estimates: | [2] | [3] | [4] | [5] | |||||||
1600 | 74,250,000,000 | 550 | 782 | 682 | 758 | 735 | 0.205 | 22.39 | 100,000,000 | 17.98 | Early modern era |
1700 | 90,750,000,000 | 550 | 719 | 622 | 697 | 676 | 0.201 | 24.43 | 165,000,000 | 27.36 | |
1820 | 111,417,000,000 | 533 | 580 | 520 | 562 | 545 | 0.171 | 16.04 | 209,000,000 | 20.06 | |
1870 | 134,882,000,000 | 533 | 526 | 526 | 510 | 494 | 0.975 | 12.14 | 253,000,000 | 19.83 | Colonial era |
1913 | 204,242,000,000 | 673 | 624 | 0.965 | 7.47 | 303,700,000 | 16.64 | ||||
1940 | 265,455,000,000 | 686 | 636 | 0.976 | 5.9 | 386,800,000 | 16.82 | ||||
Year | Gross domestic product (000,000 rupees) | ₹ per GBP | GDP deflator (index 2011 = 100) | Per capita income (as % of UK) |
---|---|---|---|---|
1687 | 7,004 | 14.94 | 0.117 | |
1688 | 7,019 | 14.94 | 0.117 | |
1689 | 7,072 | 15.02 | 0.117 | |
1690 | 7,087 | 15.02 | 0.117 | |
1691 | 7,083 | 14.98 | 0.117 | |
1692 | 7,070 | 14.92 | 0.117 | |
1693 | 7,042 | 14.83 | 0.116 | |
1694 | 7,076 | 14.87 | 0.116 | |
1695 | 7,163 | 15.02 | 0.117 | |
1696 | 7,877 | 15.00 | 0.129 | |
1697 | 7,998 | 15.20 | 0.130 | |
1698 | 7,947 | 15.07 | 0.129 | |
1699 | 7,717 | 14.94 | 0.125 | |
1700 | 7,666 | 14.81 | 0.124 | 35.17 |
1701 | 7,834 | 15.07 | 0.126 | 34.09 |
1702 | 8,101 | 15.52 | 0.130 | 35.28 |
1703 | 7,952 | 15.17 | 0.127 | 38.36 |
1704 | 8,011 | 15.22 | 0.128 | 31.78 |
1705 | 7,986 | 15.11 | 0.127 | 34.20 |
1706 | 8,104 | 15.27 | 0.128 | 41.67 |
1707 | 8,228 | 15.44 | 0.129 | 37.83 |
1708 | 8,245 | 15.41 | 0.129 | 34.55 |
1709 | 8,225 | 15.31 | 0.128 | 36.68 |
1710 | 8,210 | 15.22 | 0.128 | 39.26 |
1711 | 8,281 | 15.29 | 0.128 | 38.80 |
1712 | 8,325 | 15.31 | 0.128 | 39.73 |
1713 | 8,320 | 15.24 | 0.128 | 40.50 |
1714 | 8,293 | 15.13 | 0.127 | 36.55 |
1715 | 8,315 | 15.11 | 0.127 | 39.26 |
1716 | 8,336 | 15.09 | 0.127 | 37.93 |
1717 | 8,199 | 15.13 | 0.124 | 34.84 |
1718 | 8,336 | 15.11 | 0.126 | 33.83 |
1719 | 8,260 | 15.09 | 0.124 | 34.95 |
1720 | 8,362 | 15.04 | 0.125 | 32.02 |
1721 | 8,303 | 15.05 | 0.124 | 34.38 |
1722 | 8,381 | 15.17 | 0.124 | 34.69 |
1723 | 8,450 | 15.20 | 0.125 | 34.98 |
1724 | 8,412 | 15.11 | 0.124 | 35.39 |
1725 | 8,445 | 15.11 | 0.124 | 33.97 |
1726 | 8,499 | 15.15 | 0.124 | 34.55 |
1727 | 8,582 | 15.24 | 0.125 | 35.45 |
1728 | 8,601 | 15.11 | 0.125 | 32.45 |
1729 | 8,565 | 14.92 | 0.124 | 34.76 |
1730 | 8,514 | 14.81 | 0.122 | 35.81 |
1731 | 8,560 | 14.94 | 0.123 | 36.44 |
1732 | 8,678 | 15.09 | 0.124 | 35.53 |
1733 | 8,783 | 15.18 | 0.125 | 34.72 |
1734 | 8,916 | 15.39 | 0.126 | 34.95 |
1735 | 9,003 | 15.41 | 0.127 | 35.55 |
1736 | 8,859 | 15.18 | 0.125 | 33.41 |
1737 | 8,798 | 15.02 | 0.123 | 35.98 |
1738 | 8,765 | 14.91 | 0.122 | 35.98 |
1739 | 8,776 | 14.91 | 0.122 | 36.11 |
1740 | 8,826 | 14.94 | 0.122 | 34.16 |
1741 | 8,887 | 14.92 | 0.123 | 32.97 |
1742 | 8,898 | 14.85 | 0.123 | 32.75 |
1743 | 8,972 | 14.85 | 0.123 | 34.05 |
1744 | 9,037 | 14.87 | 0.124 | 35.10 |
1745 | 9,093 | 14.98 | 0.124 | 35.66 |
1746 | 9,131 | 15.13 | 0.124 | 33.54 |
1747 | 9,307 | 15.26 | 0.126 | 32.95 |
1748 | 9,205 | 15.11 | 0.124 | 32.59 |
1749 | 9,026 | 14.80 | 0.121 | 32.57 |
1750 | 8,926 | 14.55 | 0.120 | 32.57 |
1751 | 8,837 | 14.39 | 0.118 | 33.28 |
1752 | 8,957 | 14.50 | 0.119 | 31.21 |
1753 | 9,033 | 14.54 | 0.120 | 31.84 |
1754 | 8,985 | 14.48 | 0.119 | 33.10 |
1755 | 9,140 | 14.68 | 0.120 | 32.97 |
1756 | 9,334 | 14.94 | 0.122 | 32.27 |
1757 | 9,322 | 14.87 | 0.122 | 28.72 |
1758 | 9,451 | 14.85 | 0.123 | 28.98 |
1759 | 9,099 | 14.15 | 0.118 | 30.91 |
1760 | 9,059 | 14.14 | 0.117 | 29.84 |
1761 | 9,456 | 14.54 | 0.122 | 29.88 |
1762 | 9,895 | 15.27 | 0.127 | 30.06 |
1763 | 9,859 | 14.99 | 0.126 | 28.90 |
1764 | 9,456 | 14.70 | 0.121 | 28.08 |
1765 | 9,571 | 14.83 | 0.122 | 28.23 |
1766 | 9,696 | 14.80 | 0.123 | 28.06 |
1767 | 9,828 | 14.85 | 0.124 | 27.30 |
1768 | 9,782 | 14.80 | 0.123 | 27.94 |
1769 | 9,897 | 14.72 | 0.124 | 28.06 |
1770 | 9,839 | 14.62 | 0.123 | 28.79 |
1771 | 9,853 | 14.66 | 0.123 | 27.10 |
1772 | 9,790 | 14.52 | 0.122 | 27.17 |
1773 | 9,662 | 14.62 | 0.120 | 26.28 |
1774 | 9,670 | 14.62 | 0.120 | 26.55 |
1775 | 9,745 | 14.72 | 0.120 | 25.78 |
1776 | 9,663 | 14.55 | 0.119 | 25.71 |
1777 | 9,687 | 14.54 | 0.119 | 24.58 |
1778 | 9,811 | 14.68 | 0.120 | 24.97 |
1779 | 9,923 | 14.80 | 0.121 | 26.06 |
1780 | 9,900 | 14.72 | 0.120 | 25.18 |
1781 | 9,972 | 14.78 | 0.121 | 22.08 |
1782 | 9,759 | 14.42 | 0.118 | 22.38 |
1783 | 9,877 | 14.48 | 0.119 | 23.12 |
1784 | 10,058 | 14.70 | 0.120 | 24.19 |
1785 | 10,217 | 14.92 | 0.122 | 24.47 |
1786 | 10,251 | 14.96 | 0.122 | 22.94 |
1787 | 10,256 | 14.92 | 0.122 | 23.75 |
1788 | 10,101 | 14.65 | 0.119 | 24.87 |
1789 | 10,201 | 14.75 | 0.120 | 25.03 |
1790 | 10,434 | 15.04 | 0.123 | 22.95 |
1791 | 10,472 | 15.05 | 0.123 | 23.04 |
1792 | 10,588 | 15.17 | 0.124 | 21.18 |
1793 | 10,501 | 15.00 | 0.122 | 21.99 |
1794 | 10,793 | 15.37 | 0.125 | 22.72 |
1795 | 10,952 | 15.55 | 0.127 | 18.86 |
1796 | 11,055 | 15.65 | 0.128 | 18.19 |
1797 | 10,918 | 15.41 | 0.126 | 18.38 |
1798 | 11,131 | 15.59 | 0.128 | 17.73 |
1799 | 11,245 | 15.74 | 0.129 | 16.17 |
1800 | 11,289 | 15.68 | 0.129 | 14.34 |
1801 | 11,209 | 15.46 | 0.128 | 13.65 |
1802 | 11,115 | 15.26 | 0.127 | 15.97 |
1803 | 11,369 | 15.41 | 0.129 | 16.50 |
1804 | 11,422 | 15.41 | 0.130 | 15.80 |
1805 | 11,704 | 15.79 | 0.133 | 14.69 |
1806 | 11,730 | 15.52 | 0.132 | 14.91 |
1807 | 11,794 | 15.43 | 0.133 | 14.30 |
1808 | 12,429 | 16.08 | 0.140 | 15.00 |
1809 | 12,573 | 15.96 | 0.141 | 14.09 |
1810 | 12,559 | 15.77 | 0.141 | 13.10 |
1811 | 13,863 | 15.53 | 0.155 | 15.55 |
1812 | 15,273 | 16.11 | 0.170 | 16.39 |
1813 | 16,193 | 16.25 | 0.180 | 16.27 |
1814 | 13,556 | 15.04 | 0.151 | 15.66 |
1815 | 13,250 | 15.26 | 0.147 | 14.77 |
1816 | 11,592 | 15.28 | 0.128 | 14.76 |
1817 | 11,450 | 15.11 | 0.126 | 14.35 |
1818 | 11,927 | 15.35 | 0.131 | 14.39 |
1819 | 11,764 | 15.33 | 0.129 | 15.35 |
1820 | 11,684 | 15.62 | 0.128 | 14.98 |
1821 | 15.95 | 0.131 | ||
1822 | 15.80 | 0.129 | ||
1823 | 15.84 | 0.129 | ||
1824 | 15.82 | 0.129 | ||
1825 | 15.70 | 0.128 | ||
1826 | 15.76 | 0.129 | ||
1827 | 15.74 | 0.128 | ||
1828 | 15.78 | 0.129 | ||
1829 | 15.78 | 0.129 | ||
1830 | 9,100 | 15.82 | 0.129 | 12.39 |
1831 | 15.72 | 0.129 | ||
1832 | 15.73 | 0.129 | ||
1833 | 15.93 | 0.130 | ||
1834 | 15.73 | 0.129 | ||
1835 | 15.80 | 0.129 | ||
1836 | 15.72 | 0.129 | ||
1837 | 15.83 | 0.129 | ||
1838 | 15.85 | 0.130 | ||
1839 | 15.62 | 0.128 | ||
1840 | 7,560 | 15.62 | 0.128 | 9.44 |
1841 | 15.70 | 0.128 | ||
1842 | 15.87 | 0.130 | ||
1843 | 15.93 | 0.130 | ||
1844 | 15.85 | 0.130 | ||
1845 | 15.92 | 0.130 | ||
1846 | 15.90 | 0.130 | ||
1847 | 15.80 | 0.129 | ||
1848 | 15.85 | 0.130 | ||
1849 | 15.78 | 0.129 | ||
1850 | 5,910 | 15.70 | 0.128 | 7.76 |
1851 | 15.46 | 0.126 | ||
1852 | 15.59 | 0.127 | ||
1853 | 15.33 | 0.125 | ||
1854 | 15.33 | 0.125 | ||
1855 | 15.38 | 0.126 | ||
1856 | 15.38 | 0.126 | ||
1857 | 15.27 | 0.125 | ||
1858 | 15.38 | 0.126 | ||
1859 | 15.19 | 0.124 | ||
1860 | 4,100 | 15.29 | 0.125 | 4.08 |
1861 | 15.50 | 0.127 | ||
1862 | 15.35 | 0.125 | ||
1863 | 15.37 | 0.126 | ||
1864 | 15.37 | 0.126 | ||
1865 | 15.44 | 0.126 | ||
1866 | 15.43 | 0.126 | ||
1867 | 15.57 | 0.127 | ||
1868 | 15.59 | 0.127 | ||
1869 | 15.60 | 0.128 | ||
1870 | 3,332 | 15.57 | 0.127 | 2.51 |
1871 | 3,348 | 15.57 | 0.127 | 2.36 |
1872 | 3,376 | 15.63 | 0.128 | 2.27 |
1873 | 3,441 | 15.93 | 0.130 | 2.19 |
1874 | 3,507 | 16.16 | 0.132 | 2.23 |
1875 | 3,628 | 16.64 | 0.136 | 2.31 |
1876 | 3,887 | 17.75 | 0.145 | 2.37 |
1877 | 3,784 | 17.20 | 0.141 | 2.43 |
1878 | 3,960 | 17.92 | 0.146 | 2.51 |
1879 | 4,083 | 18.39 | 0.150 | 2.64 |
1880 | 4,025 | 18.05 | 0.148 | 2.49 |
1881 | 4,088 | 18.25 | 0.149 | 2.48 |
1882 | 4,095 | 18.20 | 0.149 | 2.43 |
1883 | 4,213 | 18.64 | 0.152 | 2.44 |
1884 | 4,056 | 18.61 | 0.152 | 2.43 |
1885 | 3,991 | 19.41 | 0.145 | 2.36 |
1886 | 4,193 | 20.78 | 0.157 | 2.31 |
1887 | 4,525 | 21.10 | 0.161 | 2.37 |
1888 | 4,773 | 22.00 | 0.168 | 2.33 |
1889 | 4,769 | 22.10 | 0.172 | 2.21 |
1890 | 5,190 | 19.75 | 0.179 | 2.64 |
1891 | 5,304 | 20.92 | 0.201 | 2.56 |
1892 | 5,630 | 23.72 | 0.197 | 2.47 |
1893 | 5,307 | 26.49 | 0.181 | 2.10 |
1894 | 4,869 | 0.163 | ||
1895 | 5,371 | 0.183 | ||
1896 | 5,333 | 0.196 | ||
1897 | 5,561 | 0.173 | ||
1898 | 6,227 | 0.192 | ||
1899 | 6,715 | 0.224 | ||
1900 | 7,080 | 0.228 | ||
1901 | 7,666 | 0.242 | ||
1902 | 8,283 | 0.242 | ||
1903 | 8,926 | 0.258 | ||
1904 | 8,840 | 0.255 | ||
1905 | 9,910 | 0.291 | ||
1906 | 10,684 | 0.306 | ||
1907 | 11,653 | 0.355 | ||
1908 | 10,373 | 0.312 | ||
1909 | 11,094 | 0.294 | ||
1910 | 11,506 | 0.305 | ||
1911 | 11,822 | 0.315 | ||
1912 | 12,869 | 0.342 | ||
1913 | 13,473 | 0.365 | ||
1914 | 12,557 | 0.321 | ||
1915 | 13,313 | 0.348 | ||
1916 | 17,087 | 0.431 | ||
1917 | 20,552 | 24.61 | 0.526 | 3.35 |
1918 | 26,105 | 21.00 | 0.761 | 4.17 |
1919 | 26,966 | 18.44 | 0.689 | 4.54 |
1920 | 30,428 | 20.28 | 0.839 | 4.21 |
1921 | 25,337 | 17.03 | 0.651 | 5.00 |
1922 | 25,278 | 15.42 | 0.624 | 6.18 |
1923 | 29,403 | 14.70 | 0.755 | 7.92 |
1924 | 29,930 | 13.92 | 0.735 | 8.29 |
1925 | 31,179 | 13.33 | 0.759 | 8.70 |
1926 | 33,374 | 13.37 | 0.792 | 9.63 |
1927 | 32,890 | 13.37 | 0.783 | 8.94 |
1928 | 33,517 | 13.34 | 0.795 | 9.14 |
1929 | 35,663 | 13.41 | 0.812 | 9.40 |
1930 | 31,435 | 13.46 | 0.713 | 8.36 |
1931 | 26,389 | 13.48 | 0.603 | 7.42 |
1932 | 20,286 | 13.34 | 0.458 | 5.85 |
1933 | 19,502 | 13.31 | 0.440 | 5.48 |
1934 | 22,775 | 13.31 | 0.511 | 6.05 |
1935 | 25,298 | 13.28 | 0.574 | 6.39 |
1936 | 28,912 | 13.27 | 0.632 | 6.85 |
1937 | 31,708 | 13.24 | 0.705 | 6.99 |
1938 | 29,799 | 13.35 | 0.662 | 6.26 |
1939 | 31,845 | 13.32 | 0.693 | 6.21 |
1940 | 35,084 | 12.72 | 0.741 | 5.90 |
1941 | 44,085 | 13.38 | 0.913 | 5.79 |
1942 | 56,597 | 13.41 | 1.178 | 6.73 |
1943 | 69,247 | 13.41 | 1.384 | 7.72 |
1944 | 76,509 | 13.41 | 1.545 | 8.42 |
1945 | 77,736 | 13.38 | 1.597 | 8.77 |
1946 | 77,566 | 13.38 | 1.677 | 8.60 |
1947 | 85,101 | 13.38 | 1.830 | 8.71 |
1948 | 93,590 | 13.34 | 1.988 | 8.73 |
1949 | 92,908 | 13.32 | 1.902 | 8.00 |
Year | Gross domestic product (000,000 rupees) | ₹ per USD | GDP deflator (index 2011 = 100) | Per capita income (as % of USA) |
---|---|---|---|---|
1950 | 102,216 | 4.79 | 2.057 | 3.06 |
1951 | 108,633 | 4.79 | 2.124 | 2.81 |
1952 | 106,634 | 4.78 | 2.031 | 2.61 |
1953 | 116,067 | 4.75 | 2.083 | 2.69 |
1954 | 109,771 | 4.76 | 1.880 | 2.53 |
1955 | 111,748 | 4.79 | 1.853 | 2.35 |
1956 | 133,139 | 4.78 | 2.092 | 2.65 |
1957 | 137,104 | 4.78 | 2.163 | 2.58 |
1958 | 152,835 | 4.75 | 2.245 | 2.83 |
1959 | 161,017 | 4.75 | 2.305 | 2.75 |
1960 | 176,333 | 4.77 | 2.392 | 2.73 |
1961 | 186,821 | 4.77 | 2.444 | 2.78 |
1962 | 200,769 | 4.76 | 2.551 | 2.77 |
1963 | 230,580 | 4.77 | 2.765 | 3.00 |
1964 | 268,953 | 4.78 | 3.001 | 3.23 |
1965 | 283,600 | 4.78 | 3.250 | 3.12 |
1966 | 321,058 | 6.03 | 3.681 | 2.17 |
1967 | 376,012 | 7.54 | 3.999 | 2.22 |
1968 | 398,141 | 7.54 | 4.095 | 2.13 |
1969 | 438,360 | 7.56 | 4.232 | 2.14 |
1970 | 468,169 | 7.56 | 4.298 | 2.15 |
1971 | 501,199 | 7.50 | 4.527 | 2.11 |
1972 | 552,453 | 7.55 | 5.018 | 2.02 |
1973 | 672,407 | 8.28 | 5.912 | 2.14 |
1974 | 793,779 | 8.03 | 6.898 | 2.26 |
1975 | 852,124 | 8.39 | 6.784 | 2.03 |
1976 | 918,117 | 8.97 | 7.190 | 1.87 |
1977 | 1,040,235 | 8.77 | 7.595 | 1.97 |
1978 | 1,126,714 | 8.19 | 7.782 | 1.95 |
1979 | 1,235,622 | 8.16 | 9.006 | 1.92 |
1980 | 1,470,629 | 7.89 | 10.043 | 2.12 |
1981 | 1,727,755 | 8.68 | 11.130 | 1.94 |
1982 | 1,932,546 | 9.48 | 12.031 | 1.90 |
1983 | 2,250,742 | 10.10 | 13.060 | 1.87 |
1984 | 2,521,882 | 11.35 | 14.095 | 1.62 |
1985 | 2,845,341 | 12.33 | 15.109 | 1.63 |
1986 | 3,183,659 | 12.60 | 16.135 | 1.63 |
1987 | 3,618,647 | 12.94 | 17.640 | 1.70 |
1988 | 4,293,630 | 13.90 | 19.092 | 1.65 |
1989 | 4,932,776 | 16.21 | 20.702 | 1.51 |
1990 | 5,761,092 | 17.49 | 22.911 | 1.54 |
1991 | 6,622,605 | 22.71 | 26.062 | 1.24 |
1992 | 7,611,959 | 28.16 | 28.398 | 1.25 |
1993 | 8,759,924 | 31.29 | 31.199 | 1.14 |
1994 | 10,275,701 | 31.39 | 34.312 | 1.25 |
1995 | 12,055,827 | 32.42 | 37.422 | 1.30 |
1996 | 13,948,160 | 35.51 | 40.257 | 1.33 |
1997 | 15,452,939 | 36.37 | 42.864 | 1.32 |
1998 | 17,722,970 | 41.36 | 46.297 | 1.26 |
1999 | 19,882,616 | 43.13 | 47.718 | 1.28 |
2000 | 21,398,857 | 45.00 | 49.457 | 1.22 |
2001 | 23,152,430 | 47.22 | 51.048 | 1.22 |
2002 | 24,926,138 | 48.63 | 52.944 | 1.24 |
2003 | 27,925,301 | 46.59 | 54.992 | 1.38 |
2004 | 31,863,319 | 45.26 | 58.141 | 1.50 |
2005 | 36,321,247 | 44.00 | 61.409 | 1.62 |
2006 | 42,546,290 | 45.19 | 66.568 | 1.74 |
2007 | 48,986,621 | 41.18 | 71.191 | 2.14 |
2008 | 55,141,524 | 43.39 | 77.736 | 2.06 |
2009 | 63,664,065 | 48.33 | 83.209 | 2.33 |
2010 | 76,344,721 | 45.65 | 91.968 | 2.79 |
2011 | 87,363,287 | 46.58 | 100.000 | 2.91 |
2012 | 99,440,131 | 53.37 | 107.934 | 2.79 |
2013 | 112,335,216 | 58.51 | 114.612 | 2.72 |
2014 | 124,679,593 | 61.00 | 118.430 | 2.86 |
2015 | 137,718,739 | 64.11 | 121.130 | 2.83 |
2016 | 153,916,690 | 67.20 | 125.052 | 2.99 |
2017 | 170,900,424 | 65.12 | 130.016 | 3.31 |
2018 | 188,996,684 | 68.40 | 135.066 | 3.18 |
2019 | 200,748,558 | 70.42 | 138.295 | 3.18 |
2020 | 198,009,138 | 74.10 | 146.041 | 3.07 |
2021 | 236,438,748 | 73.92 | 160.062 | 3.29 |
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period by a country or countries. GDP is more often used by the government of a single country to measure its economic health. Due to its complex and subjective nature, this measure is often revised before being considered a reliable indicator.
India is the most populous country in the world with one-sixth of the world's population. According to UN estimates, India overtook China in having the largest population in the world with a population of 1,425,775,850 at the end of April 2023.
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services. In some contexts, the two terms are distinct: the "international" or "global economy" is measured separately and distinguished from national economies, while the "world economy" is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use and exchange, the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the geography and ecology of planet Earth.
The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with 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 139th by GDP (nominal) and 127th by GDP (PPP). From independence in 1947 until 1991, successive governments followed 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%. The economy of the Indian subcontinent was the largest in the world for most of recorded history up until the onset of colonialism in early 19th century.
India was one of the richest countries in the world, for about two and a half millennia starting around the end of 1st millennium BC and ending around the beginning of British rule in India.
This is the Economic history of the Indian subcontinent. It includes the economic timeline of the region, from the ancient era to the present, and briefly summarizes the data presented in the Economic history of India and List of regions by past GDP (PPP) articles.
The World Economy: Historical Statistics is a landmark book by Angus Maddison. Published in 2004 by the OECD Development Centre, it studies the growth of populations and economies across the centuries: not just the world economy as it is now, but how it was in the past.
Certain historical time periods have been named "golden ages", where development flourished, including on the Indian subcontinent.
The Great Divergence or European miracle is the socioeconomic shift in which the Western world overcame pre-modern growth constraints and emerged during the 19th century as the most powerful and wealthy world civilizations, eclipsing previously dominant or comparable civilizations from the Middle East and Asia such as Qing China, Mughal India, the Ottoman Empire, Safavid Iran, and Tokugawa Japan, among others.
Angus Maddison was a distinguished British economist specialising in quantitative macro economic history, including the measurement and analysis of economic growth and development.
The role and scale of British imperial policy during the British Raj on India's relative decline in global GDP remains a topic of debate among economists, historians, and politicians. Some commentators argue the effect of British rule was negative, and that Britain engaged in a policy of deindustrialisation in India for the benefit of British exporters which left Indians relatively poorer than before British rule. Others argue that Britain's impact on India was either broadly neutral or positive, and that India's declining share of global GDP was due to other factors, such as new mass production technologies or internal ethnic conflict.
The Penn World Table (PWT) is a set of national-accounts data developed and maintained by scholars at the University of California, Davis and the Groningen Growth Development Centre of the University of Groningen to measure real GDP across countries and over time. Successive updates have added countries, years (1950-2019), and data on capital, productivity, employment and population. The current version of the database, version 10, thus allows for comparisons of relative GDP per capita, as a measure of standard of living, the productive capacity of economies and their productivity level. Compared to other databases, such as the World Bank's World Development Indicators, the time period covered is larger and there is more data that is useful for comparing productivity across countries and over time.
The Maddison Project, also known as the Maddison Historical Statistics Project, is a project to collate historical economic statistics, such as GDP, GDP per capita, and labor productivity.
The Total Economy Database describes itself as "a comprehensive database with annual data covering GDP, population, employment, hours, labor quality, capital services, labor productivity, and Total Factor Productivity for 123 countries in the world".
The economic de-industrialisation of India refers a period of reduction in industrial based activities within the Indian economy from 1757 to 1947. The process of de-industrialisation is an economic change in which employment in the manufacturing sector declines due to various economic or political reasons. The decline in employment in manufacturing is also followed by the fall in the share of manufacturing value added in GDP. The process of de-industrialisation can be due to development and growth in the economy and it can also occur due to political factors.
The economy in the Indian Subcontinent during the Mughal Empire era performed just as it did in ancient times, though now it would face the stress of extensive regional tensions. It was described as large and prosperous. India producing about 28% of the world's industrial output up until the 18th century. While at the start of 17th century, the economic expansion within Mughal territories become the largest and surpassed Qing dynasty and Europe, where from Bengal Subah alone, the province statistically has contributed to 12% of Gross domestic product. by 1700s, Mughals had approximately 24 percent share of world's economy. They grew from 22.7% in 1600, which at the end of 16th century, has surpassed China to become the world's largest GDP.