Monday, November 8, 2010
Economy in Mughal Empire (contd-1)
During the period of 1526, Mughal India was the second largest economy in the world . The gross domestic product of India in the 16th century was estimated at about 24.5%of the world economy, in comparison to Ming China's25 % share.
In an estimate of India's pre-colonial economy puts the annual revenue of Emperor Akbar's treasury in 1600 at 17.5 million pounds , in contrast to the entire treasury of Great Britain in 1800, which totalled 16 million pound. 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.
In 1700 the Mughal Empire expanded to almost 1,000 million acres or 90 % of South Asia, and a uniform customs and tax administration system was enforced. Annual revenue reported by the Emperor Aurangazeb's exchequer exceeded 100 million pound in 1700 . Thus, India emerged as the world's largest economy, followed by China and Western Europe.