The above contains FOUR claims regarding pre-colonial India
1. India having enormous material wealth
2. India having a high literacy rate
3. India's export production being put into Britain Industrial revolution
4. India's current social problems of having an economic root, originating around colonial and Islamic times.
1)
16TH CENTURY:
At the close of the sixteenth century, India?s wealth sustained more
than a hundred million people. There was an abundance of arable land
and the state of Indian agriculture compared favourably with any of
the western European countries. Right down to the subsistence-oriented
peasant, everyone saw a good return on land and labour. There was a
large and vigorous skilled workforce turning out not just cotton but
luxury items for the barons, courts and ruling classes. Consequently,
the economy produced a fabulous financial surplus. For example, the
annual revenues of the Moghul emperor Aurangzeb (1659-1701) are said
to have amounted to $450 million or more than ten times those of his
contemporary Louis XIV of France. According to an estimate of 1638,
the Moghul court of India had accumulated a treasure equivalent to
$1.5 billion. By the early eighteenth century, India was the leading
manufacturing country in the world. Of course, ?manufacturing? then
meant handloom textiles and handicrafts. The economist Angus Maddison
states that India, at that time, had a 22.6 per cent share of the
world?s GDP. Paul Bairoch confirms that it had a 25 per cent share of
the global trade in textiles. ?More important,? he writes, ?there was
a large commercialized sector with a highly sophisticated market and
credit structure, manned by a skilful and in many instances very
wealthy commercial class.? Methods of production and of industrial and
commercial organization could stand comparison with those in vogue in
any other part of the world. India had developed an indigenous banking
system. Merchant capital had emerged with an elaborate network of
agents, brokers and middlemen. Its bills of exchange were honoured in
all the major cities of Asia."
Source:
Google Answers: Was India Once the Richest Nation in the World?
1 - 10TH CENTURY:
According to
economic historian Angus Maddison in his book
The World Economy: A Millennial Perspective, India had the world's largest economy in the 1st century and 11th century, with a 32.9% share of world
GDP in the 1st century and 28.9% in 1000 CE.
Economic history of India - Wikipedia, the free encyclopedia
India accounted for 32.9% of the world economy from 1CE to 10AD, a share significantly greater than the share of US today. This means even during the times of the Roman Empire and the Isalmic Empire, India was still by the far the most wealthiest country in the world. By todays term it was a superpower. It is interesting to note that it's share came down to just below 20% during Mughal rule and below 10% during British rule. When it gained independence it was below 5%.
Therefore it could be easily be said Hindu rule brought about incredible material weath and economic prosperity in India through efficient production, trade and exploitation and utilization of resources, and unlike other countries, not through war.
The decline in its wealth began during its invasions.
I will cover other claims in subsequent posts.