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Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic health of a country or region. Definitions of GDP are maintained by several national and international economic organizations, such as the OECD and the International Monetary Fund.
India is the most populous country in the world with one-sixth of the world's population. According to estimates from the United Nations (UN), India has overtaken China as the country with 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 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 company, 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.
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 including Tamilakam, which was ruled by 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.
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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.
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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 that 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.
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References
- ↑ Maddison, Angus (6 December 2007). Contours of the world economy, 1–2030 AD: essays in macro-economic history . Oxford University Press. p. 379. ISBN 978-0-19-922720-4.
- ↑ Broadberry, Stephen; Gupta, Bishnupriya (2010). "Indian GDP before 1870: Some preliminary estimates and a comparison with Britain" (PDF). Warwick University. Archived (PDF) from the original on 11 November 2020. Retrieved 12 October 2015.
- ↑ Broadberry, Stephen; Gupta, Bishnupriya (2015). "India and the great divergence: an Anglo-Indian comparison of GDP per capita, 1600–1871". Explorations in Economic History. 55: 58–75. doi:10.1016/j.eeh.2014.04.003. S2CID 130940341. Archived from the original on 4 August 2020. Retrieved 8 December 2018.
- ↑ Bolt, Jutta; Inklaar, Robert (2018). "Maddison Project Database 2018". University of Groningen. Archived from the original on 1 November 2020. Retrieved 8 December 2018.
- ↑ Bolt, Jutta; Luiten van Zanden, Jan (2020). "Maddison Project Database 2020". University of Groningen. 1990 to 2011 International $ 1:1.72. Archived from the original on 13 November 2020. Retrieved 8 August 2021.
- ↑ Atkinson. Journal of the Royal Society, Vol. LXV, Part 11. p. 238.
- ↑ R. Goldsmith. The Financial Development of India 1860-1977(1983). p. Tables 2.1,23 and 2.4 pp. 69,73, based on data from S. Sivosubramonian.
- 1 2 "Ministry of Statistics and Program Implementation | Government Of India". mospi.nic.in. Archived from the original on 4 March 2016. Retrieved 28 September 2017.
- ↑ "STATEMENT S-1.1 : MACRO ECONOMIC AGGREGATES AND POPULATION" (PDF). Archived from the original (PDF) on 29 March 2003.
- ↑ "World Economic and Financial Surveys – World Economic Outlook Database". www.imf.org. Archived from the original on 11 June 2010. Retrieved 28 September 2017.
- ↑ ^ Lawrence H. Officer, "Exchange rate between the United States dollar and forty other countries, 1913–1999". Economic History Services, EH.Net, 2002. URL: "What was the exchange rate then? | EH.Net". Archived from the original on 15 June 2006. Retrieved 10 June 2006.
- ↑ "Macro Economic Aggregates and Population" (PDF). Archived from the original (PDF) on 29 March 2003.
- ↑ World Bank data (since 1960)