India contains a proud economic history.Being a teenager of present age, and especially witnessing the existing wretched condition of the country, you may not believe that India was once regarded as the most glorious country across the globe. And its wealth together with natural beauty did allure invaders through ages. While some of them came, plundered and went back, some other did settle for the whole of their lives. Thanks to all these, any discussion with regard to economic history of India happens to be regarding the advance of the economy from ancient times to the present era. When did the Indian economic history have its formal beginning?
To be precise, if you wish for to find out the beginning of the economic basis of India or its full-fledged economic history, you have got to focus on the saga of Indus Valley civilization. It was during this time human beings did learn how to settle at one place in preference to being nomads. What is more, as a result of the fertile lands, they did also gain knowledge of how to cultivate and do farming. This was certainly the beginning and bit by bit they started to master many other occupations including farming tools, domestication of animals and also invention of plough. Owing to the discovery of metals, tools were made out of an assortment of metals and the major of those were copper, tin and bronze.
It has got to be stated (as proved by historical records and hordes of other evidences) that the Indus Valley Civilization had an affluent economy and this got a fillip with the beginning of agriculture. Within a short period, people of the civilization succeeded in finding out trade routes and developing trade links with Middle East countries. The first and foremost economic activity of people during the Vedic Age, it is to be noted, was agriculture. However, with the passing of days further developments were noticed. They did start to proceed towards urbanization and as a result of the same, scores of urban centers started to build up in the whole of north of India. On the word of economists and also economic historians, this key development did heighten economic growth; ancient India, accordingly, started to experience extensive trade relations with the Roman Empire along with a great section of the whole of South East Asia.
Owing to additional developments in the realm of agriculture, a great number of small industries like textile, food processing and certainly crafts were witnessed to develop. As the society as expanding, division of labor became a readily available to cope with the mounting complications. While on one hand small jobs and small employees came to the fore, coins also came into use and were used for paying for materials. Barter system was extensively prevailing in rural India but this solvency became the victim of savage invasions of Islamic marauders including Turks an Mughals, and India was devastated over and over again. The same tradition was followed by European traders from 16 th century onwards but India could retain her glory.
As a result of British India, the British Empire got political, administrative control and started to take advantage of Indian resources. India, as a result, was drained of its wealth imperfectly. While on one hand the industrial infrastructure was simply in a miserable condition after 200 years of British rule, on the other hand small scale industries suffered badly and were close to extinction.
Hence, the greatest task before independent India was economic rejuvenation. Planned economic developments were banked on a lot and these days a blend of capitalism and socialism is being applied to get more successes.
To be precise, if you wish for to find out the beginning of the economic basis of India or its full-fledged economic history, you have got to focus on the saga of Indus Valley civilization. It was during this time human beings did learn how to settle at one place in preference to being nomads. What is more, as a result of the fertile lands, they did also gain knowledge of how to cultivate and do farming. This was certainly the beginning and bit by bit they started to master many other occupations including farming tools, domestication of animals and also invention of plough. Owing to the discovery of metals, tools were made out of an assortment of metals and the major of those were copper, tin and bronze.
It has got to be stated (as proved by historical records and hordes of other evidences) that the Indus Valley Civilization had an affluent economy and this got a fillip with the beginning of agriculture. Within a short period, people of the civilization succeeded in finding out trade routes and developing trade links with Middle East countries. The first and foremost economic activity of people during the Vedic Age, it is to be noted, was agriculture. However, with the passing of days further developments were noticed. They did start to proceed towards urbanization and as a result of the same, scores of urban centers started to build up in the whole of north of India. On the word of economists and also economic historians, this key development did heighten economic growth; ancient India, accordingly, started to experience extensive trade relations with the Roman Empire along with a great section of the whole of South East Asia.
Owing to additional developments in the realm of agriculture, a great number of small industries like textile, food processing and certainly crafts were witnessed to develop. As the society as expanding, division of labor became a readily available to cope with the mounting complications. While on one hand small jobs and small employees came to the fore, coins also came into use and were used for paying for materials. Barter system was extensively prevailing in rural India but this solvency became the victim of savage invasions of Islamic marauders including Turks an Mughals, and India was devastated over and over again. The same tradition was followed by European traders from 16 th century onwards but India could retain her glory.
As a result of British India, the British Empire got political, administrative control and started to take advantage of Indian resources. India, as a result, was drained of its wealth imperfectly. While on one hand the industrial infrastructure was simply in a miserable condition after 200 years of British rule, on the other hand small scale industries suffered badly and were close to extinction.
Hence, the greatest task before independent India was economic rejuvenation. Planned economic developments were banked on a lot and these days a blend of capitalism and socialism is being applied to get more successes.