Friday, March 6, 2015

India - A Great Nation in World Economic History

Transformation of India into A Great Economic Nation by 2035 - Narendra Modi's Plan

Picture source:

Mr. S. Gurumurthy, a Chartered Accountant, Journalist and a Public speaker gave a talk on Economy of India in IIT Bombay on 7 March 2015.

The talk can be summarised as India is a Great Nation in World Economic History. It was a top economic nation in the world till 1830 or 40, when British exploitation of the country started as both Marathas and Sikhs were defeated in battles and there was no opposition to the  economic policies of the East India Company which was to repatriate as much income and profit as possible to England. Indian industry was destroyed and wealth of India was transferred to British merchants as Indians had to buy the daily necessities from them by offering their wealth as income sources were denied to them. Till independence, the state of affairs continued to the great disadvantage of India even though there was opposition at discussion level with the emergence of Indian public opinion against economy and political policies of England under Congress movement launched in 1885 by some Indian intellectuals under the president-ship of A.O. Hume.

The above facts were not discovered or stated by some Indians who want to repaint India as a great country. They were brought to light by the research of a historian Paul Bairoch. His research on World Economic History is available in the form several books and papers and all Indians can access them and read them. The research findings of Bairoch are then verified and further investigated by other researchers (Angus Maddison, See the data from his book below) and now we have more research papers on the prosperity of Indian Economy before the arrival of the British and the steep decline of India's economic condition of after the British took hold of India's territories one by one.

The following are some papers available on various websites (authorised uploads).


The Economic Development of Third World Since 1900
Paul Bairoch,
California  University Press, 1997


Book Review - Free Trade: An Aberration

Paul Bairoch and Richard Kozul-Wright
UNCTAS Discussion Paper No. 113, March 1996

Long Term Growth of the Western European countries and the United
States, 1830–2000: Facts and Issues. 1
Department of Economics and Business, Universitat Pompeu Fabra
Paper presented at the session 103
“ New Experiences with Historical National Accounts: Methodologies and Analysis ”
International Economic History Association Congress
Helsinki, 21-25 August, 2006

Deindustrialization in 18th and 19th Century India:
Mughal Decline, Climate Shocks and British Industrial Ascent
David Clingingsmith and Jeffrey G. Williamson
Weatherhead School of Management
2007 Paper

Past is relevant, even for economics - S. Gurumurthy in New Indian Express

GDP of India, China, Western and Eastern Europe (1 - 2001 AD)

From Table 8a of  Angus Maddison (Google Angus Maddison and you can find number of documents)

World GDP and Some Components 1-2001 AD
(million 1990 international Geary-Khamis dollars)
                                     1           1000    1500     1600    1700     1820      1870      1913      1950      1973      2001
Total Western Europe 11.115  10.165  44.162 65.640 81.302  160.145 367.591 902.341 1,396.188 4,096.456 7,550.272
Eastern Europe             1.900    2.600    6.696  9.289  11.393    24.906  50.163  134.793     185.023   550.756   728.792

China                          26.820   26.550  61.800 96.000 82.800 228.600 189.40   241.344     239.903     740.048 4,569.790
India                            33.750  33.750  60.500 74.250 90.750 111.417 134.882 204.242     222.222     494.832 2,003.193

(million 1990 international Geary-Khamis dollars)

Year 1        - India (33.750) - China (26.820) - Total Western Europe (11.115)
Year 1000 -  India - China - Total Western Europe
Year 1500 -  China - India - Total Western Europe
Year 1600 -  China - India - Total Western Europe
Year 1700 -  India - China - Total Western Europe
Year 1820 -  Total Western Europe-China - India
Year 1870 -  Total Western Europe-China - India
Year 1913 -  Total Western Europe-China - India
Year 1950 -  Total Western Europe-China - India
Year 1973 -  Total Western Europe-China - India
Year 2001 -  Total Western Europe (7,550.272) -China (4,569.790) - India (2,003.193)

When Will Asia Catch Up? - Answer by Hans Rosling - TED Presentation



TED Talks

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