Thursday, November 25, 2010
Economic History of Pre-British India (contd-4)
1600 An estimate of India's pre-colonial economy puts the annual revenue of Emperor Akbar's treasury in 1600 at Pound 17.5 million, in contrast to the entire treasury of Great Britainin 1800, which totalled pound 16 million.The gross domestic product of Mughal India in 1600 was estimated at about 22.6 %the world economy, in comparison to Ming China's 29.2 % share.
1700 By this time, the Mughal Empire expanded to almost 1,000 million acres or 90 % of South Asia, and a uniform customsand tax administration systemwas enforced.Annual revenue reported by Em0peror Aurangazeb's exchequer exceeded Pound 100 million in 1700 (twice that of Europe then). Thus, India emerged as the world's largest economy, followed by Manchu China and Western Europe. Nawabs, Marathas and Nizams : 1725-1750 During this period, Mughals were replaced by the Nawab'sin North India, the Marathas in central India and the Nizams in south India. However, the Mughal tax administration system was left largely intact. China was the world's largest economy followed by India and France. The gross domestic product of India in 1750 was estimated at about 80 per cent that of China. Maratha Rule :1750-1775 : During this period , about two-third of the civil service in India was still dominated by Muslim officers though the Maratha empire expanded to almost 250 million acres or 34 % of Indian landscape, while the Nizam's dominion expanded to almost 125 million acres. or 17 % of of Indian landscape. The gdp of India in 1775 was estimated at about 70 % that of China. Nevertheless a devastating famine broke out in the eastern coast in early 1770s killing 5 p.c. of the national population.