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Economy Of India/tempTemporary page to facilitate rewrite -- PLEASE DO NOT EDIT. USE IT'S TALK PAGE INSTEAD. History Indus valley civilization The Indus valley civilization, the first known permanent and predominantly urban settlement that flourished between 2800 BC to 1800 BC boasted of an advanced and thriving economic system. It's citizens practiced agriculture, domesticated animals, made 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, Mohenjo-daro and Rakhigarhi reveals their knowledge of urban planning. Pre-Colonial Characteristics Much of India's population resided in villages, whose economy was largely isolated and self-sustaining. Agriculture was the predominant occupation of the populace and satisfied a village's food requirements 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, especially Hinduism played an influential role in shaping economic activities. The system of castes and sub-castes , despite it's social fallbacks, functioned much like medieval European guilds, ensuring division of labour and provided for training of apprentices. The caste system restricted people from changing ones occupation and aspiring for an upper caste's lifestyle. Thus, a barber could not become a goldsmith and even a highly skilled carpenter could not aspire for the lifestyle or privileges enjoyed by a Kshatriya (person of a warrior class). This barrier to mobility on labour restricted economic prosperity to a few castes. In the joint family system, members of a family pooled their resources to maintain the family and invest in business ventures. The system ensured younger members were trained and employed in the family business and the older and disabled persons would be supported by the family. The system, by preventing the agricultural land from being split ensured higher yield because of the benefits of scale. The system curbed members from taking initiative because of the support system and family or work discords intertwined, leading to sub-division and fragmentation of land which lead to lower yield and productivity. Pilgrimage towns like Allahabad, Benares, Nasik, Puri, etc., mostly centred around rivers, developed into centres of trade and commerce. Religious functions, festivals and the practice of taking a pilgrimage resulted in a flourishing pilgrimage economy. Punch marked Silver Ingots, in circulation around 5th century BC and the first metallic coins were minted around 6th century BC by the Mahajanapadas of the Gangetic plains were the earliest traces of coinage in India. While India's many kingdoms and rulers issued coins, barter was still widely prevalent. Villages paid a portion of their agricultural produce as revenue while it's craftsmen received a stipend out of the crops at harvest time for their services. Surplus of Indian manufactures, like the muslin of Dacca, calicos of Bengal, shawls of Kashmir, other textiles and handicrafts, agricultural products like pepper, cinnamon, opium and indigo were exported to Europe, Middle East and South East Asia in return for gold and silver. Superstitions about sea faring among Hindus meant, a greater part of India's foreign trade was carried out by foreigners. British Rule Post-Independence & Pre-Liberalization Nehru Era Indira Gandhi rule Other Periods Post-Liberalization Initial Period Third Front rule NDA Rule Future Government's role in the economy Concept of state Planning Mixed Economy Regulatory framework Subsidy & Welfare Institutional Framework Bridging the economic divide Determinants Geography Population Administrative/Political Issues Culture Colonialism Sectors Agriculture Manufacturing Services Investment and Banking Poverty in India Regional Overview East North North-East South West Global trade relations SAARC US ASEAN Europe Russia References Articles Books - Adam Smith, The Wealth of Nations.
- Jawaharlal Nehru, The Discovery of India
- Max Weber, The Religion of India: The Sociology of Hinduism and Buddhism
- Micklethwait, John & Wooldridge, Adrian (2003). The Company: a short history of a revolutionary idea. Modern library chronicles. ISBN 0679642498.
- Sankaran, S (1984). Indian Economy: Problems, Policies and Development (7th ed. (1994)). Margham Publications.
- Datt, Ruddar & Sundharam, K.P.M. (1965). Indian Economy (51st Revised ed. (2005)). S.Chand. ISBN 81-219-0298-3.
- Limca Book of Records (1993). Bisleri Beverages Limited. ISBN 81-9001156-1.
Papers External links
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