Economy: India 1 - Revision history

Pdewan: /* 2012-2024 */

2025-12-12T09:42:20Z

‎2012-2024

Pdewan: /* Services sector’s share in gross value added */

2025-12-12T09:37:52Z

‎Services sector’s share in gross value added

Pdewan: /* 2011-2024 */

2025-12-12T09:35:05Z

‎2011-2024

Pdewan at 17:40, 11 December 2025

2025-12-11T17:40:31Z

Pdewan: /* 2011-24 */

2025-12-11T10:03:17Z

‎2011-24

Pdewan: /* Three levers of economy (inflation, deficit, GDP growth) */

2025-12-10T14:30:13Z

‎Three levers of economy (inflation, deficit, GDP growth)

Pdewan: /* See also */

2025-12-10T13:42:13Z

‎See also

Pdewan: /* The British Era */

2023-09-04T17:11:46Z

‎The British Era

Pdewan: /* A.D. 1 to 2003 */

2023-09-04T17:10:49Z

‎A.D. 1 to 2003

Pdewan: /* A.D. 1 to 2003 */

2023-09-04T17:10:16Z

‎A.D. 1 to 2003

@@ Line 1,258: / Line 1,258: @@
 === Trade & repair services sector’s share in gross value added===
 ====2012-2024====
 Services sector’s share in gross value added (GVA) has increased from 50.1% during FY12–FY14 to 54.5% in FY24, underscoring its growing role as the primary driver of structural change.
@@ Line 1,276: / Line 1,278: @@
 '''2023-24''' Trade & repair services GVA 18 (₹ lakh crore)
 [[Category:Economy-Industry-Resources|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1

@@ Line 1,256: / Line 1,256: @@
 '''2023-24''' Professional, Scientific, Other Business Services GVA 17.7 (₹ lakh crore)
-=== Services sector’s share in gross value added===
+=== Trade & repair services sector’s share in gross value added===
 ====2012-2024====
@@ Line 1,276: / Line 1,276: @@
 '''2023-24''' Trade & repair services GVA 18 (₹ lakh crore)
 [[Category:Economy-Industry-Resources|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1

@@ Line 1,256: / Line 1,256: @@
 '''2023-24''' Professional, Scientific, Other Business Services GVA 17.7 (₹ lakh crore)
-[[Category:Economy-Industry-Resources|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
+=== Services sector’s share in gross value added===
 ECONOMY: INDIA 1]]
-[[Category:Government|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
+[[Category:Government|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
 ECONOMY: INDIA 1]]
-[[Category:India|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
+[[Category:India|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
 ECONOMY: INDIA 1]]
-[[Category:Pages with broken file links|ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
+[[Category:Pages with broken file links|ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
 ECONOMY: INDIA 1]]

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 '''Several sections from this page have been shifted to '''[[Economy: India 2 (Ministry data)]]
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+{| class="wikitable"
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 ECONOMY: INDIA 1]]
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 ECONOMY: INDIA 1]]

← Older revision		Revision as of 10:03, 11 December 2025
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	Computer & information services GVA 10.8 (₹ lakh crore); share in total services GVA 12.2%		Computer & information services GVA 10.8 (₹ lakh crore); share in total services GVA 12.2%
−

		+
		+
		+
		+
		+	=== ‘Professional, Scientific, Other Business Services’ sector’s share in gross value added===
		+	====2011-2024====
		+	[https://epaper.indiatimes.com/article-share?article=11_12_2025_019_001_cap_TOI ''The Times of India'']
		+
		+
		+	Services sector’s share in gross value added (GVA) has increased from 50.1% during FY12–FY14 to 54.5% in FY24, underscoring its growing role as the primary driver of structural change.
		+
		+	Let’s see how ‘Professional, Scientific, Other Business Services’ sub sector fared during this period.
		+
		+
		+	'''2011-12''' Professional, Scientific, Other Business Services GVA 8.1 (₹ lakh crore)
		+
		+	'''2014-15''' Professional, Scientific, Other Business Services GVA 10.8 (₹ lakh crore)
		+
		+	'''2017-18''' Professional, Scientific, Other Business Services GVA 12.4 (₹ lakh crore)
		+
		+	'''2020-21''' Professional, Scientific, Other Business Services GVA 13.5 (₹ lakh crore)
		+
		+	'''2023-24''' Professional, Scientific, Other Business Services GVA 17.7 (₹ lakh crore)
		+
		+	[[Category:Economy-Industry-Resources\|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
		+	ECONOMY: INDIA 1]]
		+	[[Category:Government\|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
		+	ECONOMY: INDIA 1]]
		+	[[Category:India\|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
		+	ECONOMY: INDIA 1]]
		+	[[Category:Pages with broken file links\|ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
		+	ECONOMY: INDIA 1]]

	=Three levers of economy (inflation, deficit, GDP growth)=		=Three levers of economy (inflation, deficit, GDP growth)=

@@ Line 1,133: / Line 1,133: @@
 '' 1991> 2019: The growth in the purchasing power of individuals/ The affordability of things ''
 =Three levers of economy (inflation, deficit, GDP growth)=
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 ECONOMY: INDIA 1]]
 [[Category:Pages with broken file links|ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
 ECONOMY: INDIA 1]]

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 [[Per capita Income: India and its states]]
 ==And also...==
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 ECONOMY: INDIA 1]]
 [[Category:Pages with broken file links|ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
 ECONOMY: INDIA 1]]

@@ Line 37: / Line 37: @@
 ==The British Era==
-[https://epaper.timesgroup.com/article-share?article=13_08_2023_029_004_cap_TOI   SWAMINATHAN S ANKLESARIA AIYAR, August 13, 2023: ''The Times of India'']
+See [[Economic history: India]]
-−
-In his bestseller ‘An Era of Darkness: The British Empire in India’, which is a devastating demolition of the British Raj, Shashi Tharoor also cites Maddison extensively.
-−
- His long thesis cannot be discussed fully in a short column, but we can discuss his citations of Maddison. Maddison’s magnum opus ‘Contours of the World Economy, 1-2030 AD’ has figures slightly different from Tharoor’s. Maddison says India’s share of world GDP was 24. 4% in 1700 before British rule but fell to 4. 2% by 1950. Tharoor says, “The reason was simple. India was governed for the benefit of Britain. Britain’s rise for 200 years was financed by its depredations in India. ”  Do Maddison’s actual figures support this? Between 1700 and 1950, Indian GDP went up from $90 billion to $222 billion, the fastest growth ever. India’s share of world GDP fell not because it was impoverished but because the Industrial Revolution helped other countries grow much faster. Improvements in health, and a British-enforced peace between princely states that had historically constantly warred, helped population soar from 165 million to 359 million. By contrast, the population grew not at all in the Hindu period, a grim reminder of how difficult things were in pre-British days.  Was colonial rule the reason for India’s relatively low income and Britain’s high one? Maddison’s data does not support this claim. Even in the pre-colonial period 1000-1500 AD, Britain’s annual per capita income growth was thrice India’s 0. 04%. In 1500-1820, which was mostly pre-British, India’s per capita growth was minus 0. 01% against Britain’s 0. 27%. In 1820-70, the heyday of East India Company loot, India’s growth was 0% against Britain’s 1. 26%. In 1870-1913 under British rule, India had its fastest growth ever of 0. 54% per year. But that fell to minus 0. 24% in the final British phase 1913-50, when India was hit by the Great Depression and sharp decline in per capita food availability.
-−
- Britain’s own annual per capita income growth declined below 1% in 1870-50, not a sign of huge colonial benefit. When it lost its colonies in 1950-73, Britain’s per capita income growth rose to a record 2. 4%. This contradicts the thesis that Britain grew fast because of colonial exploitation. Its growth was due mainly to higher productivity. Colonialism helped but was not key.
-−
- On financial flows from India to Britain, Tharoor cites Maddison. “There can be no doubt there was a substantial outflow for 190 years. If these funds had been invested in India, they could have made a significant difference. ” This is surely true. Yet Indian history shows that tax revenues were typically not invested but wasted in luxurious aristocratic living and non-stop wars that left many rulers unable to pay their soldiers on time, encouraging loot. Hence, GDP grew slowly.
-−
-The East India Company looted the Indian aristocracy. But this hardly affected the Indian masses, who paid much the same taxes. The princely states, ruling 40% of British India, did not hand over their revenue to the Raj, yet their economic growth was very weak overall (with exceptions like Travancore). This suggests, alas, that keeping tax revenue in India did not benefit the masses or economic growth. The Nizam of Hyderabad was reputed to be the richest man in the world, but the areas he ruled remained among the poorest in India. Nationalist historians think India would have had a faster industrial revolution without the British Raj. The performance of the princely states — notably the biggest, Hyderabad — suggests otherwise.
-−
-Tharoor says British taxation was very onerous. Maddison, however, says that taxation of peasants was around 15% of GDP in Mughal times but plummeted to 3% by the end of British rule. The East India Company expropriated the Mughal aristocracy. But after direct rule from London, taxes were fixed in nominal terms which were eroded away by inflation. This not only slashed real taxation of the peasantry but greatly reduced their real debts too. British colonialism ceased to be profitable, one reason why it ended so smoothly.
-−
-This column does not assess the totality of British rule or Tharoor’s book, which has brilliant passages. But it shows that Tharoor has cherry-picked citations from Maddison to bolster his thesis. Maddison’s full picture is less critical of the Raj, highlighting its eight-fold increase in irrigation. The debate goes on.
 [[Category:Economy-Industry-Resources|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1

@@ Line 16: / Line 16: @@
 =India’s economy: the main trends=
 ==A.D. 1 to 2003==
-See [Economic history: India]
+See [[Economic history: India]]
 [[Category:Economy-Industry-Resources|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1

@@ Line 16: / Line 16: @@
 =India’s economy: the main trends=
 ==A.D. 1 to 2003==
-[https://epaper.timesgroup.com/article-share?article=06_08_2023_030_012_cap_TOI SWAMINATHAN S ANKLESARIA AIYAR/  India’s golden period is now, not in some distant past/ ''The Times of India''/ 6 August 2023]
+See [Economic history: India]
-SWAMINOMICS
+[[Category:Economy-Industry-Resources|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
+ECONOMY: INDIA 1]]
+[[Category:Government|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
-The pioneering work of Swiss economic historian Paul Bairoch showed that in the ancient past, India had the highest share of world GDP, which was reduced to a humiliating fraction by the time India gained independence. The OECD asked eminent historian Angus Maddison to research the matter further.
+ECONOMY: INDIA 1]]
+[[Category:India|EECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
-In his magnum opus, ‘Contours of the World Economy 1–2030 AD: Essays in Macro Economic History’, Maddison estimated that in
+ECONOMY: INDIA 1]]
+[[Category:Pages with broken file links|ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1ECONOMY: INDIA 1
-AD, during the Hindu period, India accounted for 32% of world GDP, the highest share of any region.
+ECONOMY: INDIA 1]]
-−
-During the Muslim period, India’s share gradually declined from 28.1% in 1000 AD to 24.4% in 1700.
-−
-It crashed in the subsequent period of British rule to just 4.2% by 1950.
-−
-India represented 33.2% of the world’s population in the year 1 AD. This was slightly more than its GDP share of 32%. So, Indian GDP was slightly below the world average. Italy was almost twice as rich under the Roman empire. India’s high GDP share reflected not prosperity, but high population.
-−
-Maddison estimates that India’s GDP stagnated at $33.75 billion from 1AD to 1000 AD, the Hindu-ruled period. Per capita income also stagnated at $450 as the population remained steady at around 75 million.
-−
-Why did the population not increase for a thousand years? Because drought, disease, and wars meant that merely staying alive was a challenge. Conditions were as bad in the rest of the world. In sum, the period from 1 to 1000 AD was one of poverty, economic stagnation, and high mortality.
-−
-Under Muslim rule, roughly between 1000 and 1700, India’s annual GDP almost tripled to $90.7 billion. Mortality fell substantially, enabling the population to soar from 75 million to 165 million. Population growth substantially offset GDP growth, so per capita income grew by barely a quarter, from $450 to $550. Still, there was an improvement, and a longer-lived one.
-−
-These trends intensified in the British period. Between 1700 and 1950, India’s GDP rose to $222.22 billion and its population to 359 million. However per capita income rose only marginally to $619.
-−
-British colonial claims of having uplifted a backward India were vastly exaggerated. However, India did not get poorer in per capita income terms in the British era. India’s share of world GDP plummeted mainly because incomes in the West soared after the industrial revolution.
-−
-Economic growth finally took off in India after it became independent.
-−
-After almost 2,000 years of negligible growth, per capita income soared to $2,140 by 2003. Mortality fell sharply, so the population rose to 1.05 billion by 2003 despite the spread of contraception.
 ==The British Era==