Economic history of India
Template:HistoryOf SouthAsia
Economic history of India
is begins
from Indus Valley civilization in many text-
books. See also history of agriculture in
India.
India has followed a socialist-inspired
policies for most of its independent history,
which have included extensive public owner-
ship, regulation, red tape, and trade barri-
ers.[1][2] India slipped behind many other Asi-
an countries, and the policies were sarcastic-
ally characterized as "License Raj" and
"Hindu rate of growth".
After the 1991 economic crisis, the central
government launched economic liberaliza-
tion. India has progressed towards a modern
market-based system and has a growing
middle class.[1][3]
Indus Valley Civilization
The Indus Valley civilization, the first known
permanent and predominantly urban settle-
ment that flourished between 2800 BCE to
1800 BCE boasted of an advanced and thriv-
ing economic system. Its citizens practiced
agriculture, domesticated animals, made
sharp tools and weapons from copper, bronze
and tin and traded with other cities. Evidence
of well laid streets, layouts, drainage system
and water supply in the valley’s major cities,
Harappa, Lothal, Mohenjo-daro and Rakh-
igarhi reveals their knowledge of urban plan-
ning. They eventually over used their re-
sources, and slowly died out. There have
been few weapons found in the Indus Valley,
showing that they were peaceful people, and
they did not get slaughtered by the Aryans.
Ancient and Medieval
Characteristics
Though ancient India had a significant urban
population, much of
India’s population
resided in villages, whose economy was
largely isolated and self-sustaining. Agricul-
ture was the predominant occupation of the
populace and satisfied a village’s food re-
quirements besides providing raw materials
for hand based industries like textile, food
processing and crafts. Besides farmers, other
classes of people were barbers, carpenters,
doctors (Ayurvedic practitioners), goldsmiths,
weavers, etc{.
Religion
Religion, especially Sikhmis,