INDIAN ECONOMY DURING PRE-INDEPENDENCE PERIOD
The pre-independence period of the Indian economy, which spans from the mid-18th century to 1947, is marked by significant transformations under British colonial rule. This era witnessed the dismantling of traditional economic structures and the imposition of a colonial economy designed to serve British interests. The impact of colonial policies on agriculture, industry, trade, and overall economic growth has been a subject of extensive study and debate among historians and economists. Understanding the economic conditions and policies during this period is crucial to comprehending the foundations upon which post-independence economic strategies were built
The Indian economy during ancient and medieval times was characterized by a high degree of sophistication, self-sufficiency, and regional diversity. This period, spanning several millennia from the Indus Valley Civilization to the end of the Mughal Empire, saw the development of complex economic systems, flourishing trade, and the evolution of various industries. Understanding the economic practices and structures of ancient and medieval India provides valuable insights into the historical foundations of the Indian economy.
1.Indus Valley Civilization (c. 3300–1300 BCE)
i.Urban Planning and Trade: The Indus Valley Civilization was notable for its advanced urban planning, with well-laid-out cities such as Harappa and Mohenjo-Daro. The economy was based on agriculture, trade, and crafts. Evidence from sites like Lothal suggests robust trade with regions like Mesopotamia and Persia. They traded goods such as cotton textiles, pottery, and beads made from semi-precious stones like carnelian and lapis lazuli.
ii.Agriculture and Craftsmanship: The economy relied heavily on agriculture, growing crops such as wheat, barley, peas, and cotton. The Indus Valley Civilization was among the first to cultivate cotton. They also excelled in craftsmanship, producing high-quality pottery, metal tools, and ornaments. Archaeological findings indicate the use of standardized weights and measures, pointing to a well-organized trade system.
2.Vedic Period (c. 1500–500 BCE)