ECONOMIC HISTORY OF INDIA

'Economic history of India', in the sense of the meaning of the term economic in its current sense, is at least 5000 years old.

Contents
Indus Valley Civilization
Ancient and Medieval Characteristics
Religion
Family business
Organizational entities
Coinage
Maurya Empire
Exports
GDP estimates
Mughal Rule
1525 - 1550
1550 - 1575
1575 - 1600
1600 - 1625
1625 - 1650
1650 - 1675
1675 - 1700
1700 - 1725
Maratha Rule
1725 - 1750
1750 - 1775
British Rule
1775 - 1800
1800 - 1825
1825 - 1850
1850 - 1875
1875 - 1900
1900 - 1925
1925 - 1950
Post-independence era
1950 - 1975
1975 - 2000
2000 - 2025
See also
References
Bibliography
Bibliography

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. 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, Mohenjo-daro and Rakhigarhi reveals their knowledge of urban planning.

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. 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

Religion, especially Hinduism, played an influential role in shaping economic activities. The system of castes and sub-castes, despite its 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 one's occupation and aspiring to an upper caste's lifestyle. Thus, a barber could not become a goldsmith and even a highly skilled carpenter could not aspire to 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.
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''.

Family business

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.

Organizational entities

Along with the family-run business and individually owned business enterprises, ancient India possessed a number of other forms of engaging in business or collective activity, including the gana, pani, puga, vrata, sangha, nigama and sreni. Nigama, pani and sreni refer most often to economic organizations of merchants, craftspeople and artisans, and perhaps even para-military entities. In particular, the sreni was a complex organizational entity that shares many similarities with modern corporations, which were being used in India from around the 8th century BC until around the 10th century AD. The use of such entities in ancient India was widespread including virtually every kind of business, political and municipal activity.Khanna (2005).
The sreni was a separate legal entity which had the ability to hold property separately from its owners, construct its own rules for governing the behavior of its members, and for it to contract, sue and be sued in its own name.^[1] Some ancient sources have rules for lawsuits between two or more sreni and some sources make reference to a government official (''Bhandagarika'') who worked as an arbitrator for disputes amongst sreni from at least the 6th century BC onwards.''Jataka'' IV. There were between 18 to 150 sreni at various times in ancient India covering both trading and craft activities. This level of specialization of occupations is indicative of a developed economy in which the sreni played a critical role. Some sreni could have over 1000 members as there were apparently no upper limits on the number of members.
The sreni had a considerable degree of centralized management. The headman of the sreni represented the interests of the sreni in the king’s court and in many official business matters. The headman could also bind the sreni in contracts, set the conditions of work within the sreni, often received a higher salary, and was the administrative authority within the sreni. The headman was often selected via an election by the members of the sreni, who could also be removed from power by the general assembly. The headman often ran the enterprise with two to five executive officers, who were also elected by the assembly.

Coinage

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 its craftsmen received a stipend out of the crops at harvest time for their services. Each village, as an economic unit, was mostly self-sufficient.

Maurya Empire

During the Maurya Empire (c. 321-185 BC), there were a number of important changes and developments to the Indian economy. It was the first time most of India was unified under one ruler. With an empire in place, the trade routes throughout India became more secure thereby reducing the risk associated with the transportation of goods. The empire spent considerable resources building roads and maintaining them throughout India. The improved infrastructure combined with increased security, greater uniformity in measurements, and increasing usage of coins as currency enhanced trade. During this time, the ''Arthasastra'' ("''science of state''") was written by the Chanakya, an adviser to Chandragupta Maurya. The ''Arthasastra'' is one of the most important ancient texts on economics, politics and administration. It was a treatise on how to maintain and expand power, obtain material gain, and administer an empire. It covers both theory and implementation and contains many clear and detailed rules regarding the governing of an empire.
The economic situation in the Maurya Empire is comparable to the Roman Empire several centuries later, which both had extensive trade connections and both had organizations similar to corporations. While Rome had organizational entities which were largely used for public state-driven projects, Maurya India had numerous private commercial entities which existed purely for private commerce. This was due to the Mauryas having to contend with pre-existing sreni hence they were more concerned about keeping the support of these pre-existing private commercial entities. The Romans did not have such pre-existing entities to contend with; hence, they were able to prevent such entities from developing.

Exports

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 may have existed among some Hindu groups, which meant that part of India's foreign trade may have been carried out by foreigners.

GDP estimates

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. However, Maddison's estimates have been criticized by some historical national account statisticians as based on controversial assumptions. Haig, Bryan. 2005. "Review of 'The World Economy: Historical Statistics,' by Angus Maddison" ''Economic Record'', volume 81.

Mughal Rule

1525 - 1550

During this period, India was the second largest economy in the world.

1550 - 1575

During this period, India was the second largest economy in the world.

1575 - 1600

An estimate of India's pre-colonial economy puts the revenue of Akbar's Mughal empire in 1600 at £17.5 million, in contrast to the entire treasury of Great Britain in 1800, which totalled £16 million.
The gross domestic product of India in 1600 was estimated at about 60 per cent that of China.

1600 - 1625

During this period, India was the second largest economy in the world. The gross domestic product of India in 1625 was estimated at about 70 per cent that of China.

1625 - 1650

During this period, India was the second largest economy in the world. The gross domestic product of India in 1650 was estimated at about 80 per cent that of China.

1650 - 1675

During this period, India was the second largest economy in the world. The gross domestic product of India in 1675 was estimated at about 90 per cent that of China.

1675 - 1700

In 1700, when most of India was ruled by the Mughal Empire, it had a 24.4% share of world GDP, the largest at the time, which fell drastically to 3.8% by 1952.
During this period, the Mughal empire expanded to almost 750 million acres (or 90% of India) and a uniform tax administration system was enforced for almost the whole of south Asia. India displaced China as the world's largest economy.

1700 - 1725

During this period, China displaced India again to become the largest economy in the world. The gross domestic product of India in 1725 was estimated at about 90 per cent that of China.

Maratha Rule

1725 - 1750

During this period, Maratha rule replaced Mughal rule in central India. However, the Mughal tax administration system was left largely intact. The gross domestic product of India in 1750 was estimated at about 80 per cent that of China.

1750 - 1775

During this period, about two-thirds of the civil service in India was still dominated by Muslim officers.
During this period, the Maratha empire expanded to almost 250 million acres (or 35% of India).
The gross domestic product of India in 1775 was estimated at about 70 per cent that of China.

British Rule

The British colonial rule created an institutional environment that did stabilize the law and order situation to a large extent. The British foreign policies however stifled the trade with rest of the world. They concentrated on exploiting the resources of India to their advantage. They created a well developed system of railways, telegraphs and a modern legal system. The infrastructure the British created was mainly geared towards the exploitation of resources of India. The British focus on their own interests created a situation in which India could not benefit from major changes in the world economy - industrialisation, growth in trade and production, and new thinking on economic policies followed by states. By the end of the colonial rule India inherited an economy that was one of the poorest in the world and totally stagnant, with industrial development stalled, agriculture unable to feed a rapidly accelerating population. They were subject to frequent famines, had one of the world's lowest life expectancies, suffered from pervasive malnutrition and were largely illiterate. The British rule ruined India economically.
;GDP estimates
An estimate by Angus Maddison, formerly of Groningen University, reveals that India's share of the world income went from 24.4% in 1700, comparable to Europe's share of 23.3%, to a low of 3.8% in 1952; however, these statistics too are based on assumptions that have been criticized. While Indian leaders during the Independence struggle and ''left-nationalist'' economic historians have blamed the colonial rule for the dismal state of India's economy, a broader macroeconomic view of India during this period reveals that there were segments of both growth and decline, resulting from changes brought about by colonialism and a world that was moving towards industrialisation and economic integration.

'Price of Silver - Rate of Exchange: 1871-72 to 1892-93'

Period	Price of Silver (in pence per Troy ounce)	Rupee exchange rate (in pence)
1871-1872	60½	23 ⅛
1875-1876	56¾	21⅝
1879-1880	51¼	20
1883-1884	50½	19½
1887-1888	44⅝	18⅞
1890-1891	47 11/16	18⅛
1891-1892	45	16¾
1892-1893	39	15
Source: B.E. Dadachanji. ''History of Indian Currency and Exchange'', 3rd enlarged ed.(Bombay: D.B. Taraporevala Sons & Co, 1934), p.15.

;The fall of the Rupee
:''See also: The crisis of silver currency and bank notes (1750–1870)
After its victory in the Franco-Prussian War (1870-71), Germany extracted a huge indemnity from France of £200,000,000, and then moved to join Britain on a gold standard for currency. France, the U.S. and other industrialising countries followed Germany in adopting a gold standard throughout the 1870s. At the same time, other countries, such as Japan, which did not have the necessary access to gold or those, such as India, which were subject to imperial policies that determined that they did not move to a gold standard, remained mostly on a silver standard. A huge divide between silver-based and gold-based economies resulted. The worst affected were economies with a silver standard that traded mainly with economies with a gold standard. With discovery of more and more silver reserves, those currencies based on gold continued to rise in value and those based on silver were declining due to demonetization of silver. For India which carried out most of its trade with gold based countries, especially Britain, the impact of this shift was profound. As the price of silver continued to fall, so too did the exchange value of the rupee, when measured against sterling.

1775 - 1800

During this period, the East India Company began tax administration reforms in a fast expanding empire spread over 250 million acres (or 35% of India). Indirect rule was also established on protectorates and buffer states.
The gross domestic product of India in 1800 was estimated at about 60 per cent that of China.

1800 - 1825

During this period, India was the second largest economy in the world. The gross domestic product of India in 1825 was estimated at about 50 per cent that of China.

1825 - 1850

By the middle of the 19th century, UK had displaced India to become the second largest economy in the world. Also, during this period, British foreign and economic policies began treating India as a unequal partner for the first time ever. English replaced Persian as the official language of India.
The gross domestic product of India in 1850 was estimated at about 40 per cent that of China.

1850 - 1875

The formal dissolution of Mughal empire heralded a change in British treatment of Indian subjects. Massive railway projects were begun in earnest and government jobs and guaranteed pensions attracted a large number of upper caste Hindus into the civil service for the first time ever. However, India continued to loose world market share particularly to the USA which displaced India as the world's third largest economy. After the
Civil War, the USA displaced the UK as the world's second largest economy.
The gross domestic product of India in 1875 was estimated at about 30 per cent that of China (or 60 per cent that of the USA).

1875 - 1900

During this period, Germany displaced India to become the fourth largest economy in the world. The gross domestic product of India in 1900 was estimated at about 20 per cent that of the USA (or 40 per cent that of China). Zoroastrian business conglomerates like Tata and Godrej began to dominate mining and heavy engineering industries.

1900 - 1925

During this period, France displaced India to become the fifth largest economy in the world. The gross domestic product of India in 1925 was estimated at about 10 per cent that of the USA (or 50 per cent that of China).

1925 - 1950

During this period, USSR displaced India to become the world's sixth largest economy. After the Second World War, USSR displaced the UK as the world's second largest economy. The gross domestic product of India in 1950 was estimated at about 6 per cent that of the USA (or 60 per cent that of China).

Post-independence era

1950 - 1975

;Socialist reforms
At independence the economy was predominantly agrarian. Most of the population was employed in agriculture, and most of these people were very poor, existing by cropping their own small plots or supplying labor to other farms. Landownership, land rental, and sharecropping rights were complex, involving layers of intermediaries. Moreover, the structural economic problems inherited at independence were exacerbated by the costs associated with the partition of British India, which had resulted in about 12 million to 14 million refugees fleeing past each other across the new borders between India and Pakistan. The settlement of refugees was a considerable financial strain. Partition also divided India into complementary economic zones. Under the British, jute and cotton were grown in the eastern part of Bengal, the area that became East Pakistan (after 1971, Bangladesh), but processing took place mostly in the western part of Bengal, which became the Indian state of West Bengal in 1947. As a result, after independence India had to employ land previously used for food production to cultivate cotton and jute for its mills.
India's leaders -- especially the first prime minister, Jawaharlal Nehru, who introduced the five-year plans -- agreed that strong economic growth and measures to increase incomes and consumption among the poorest groups were necessary goals for the new nation. Giving utmost importance to the economy, Nehru appointed R. K. Shanmukham Chetty, a person who did not participate in the mainstream Indian Independence Movement as the finance minister, since he believed that more than ideology, having the right person in the right job was important. Government was assigned an important role in the process of alleviating poverty, and since 1951 a series of plans have guided the country's economic development. Although there was considerable growth in the 1950s, the long-term rates of growth were less positive than India's politicians desired and less than those of many other Asian countries.
Since 1950, India ran into trade deficits that increased in magnitude in the 1960s. The Government of India had a budget deficit problem and therefore could not borrow money from abroad or from the private sector, which itself had a negative savings rate. As a result, the government issued bonds to the RBI, which increased the money supply, leading to inflation. In 1966, foreign aid, which was hitherto a key factor in preventing devaluation of the rupee was finally cut off and India was told it had to liberalise its restrictions on trade before foreign aid would again materialise. The response was the politically unpopular step of devaluation accompanied by liberalisation. The Indo-Pakistani War of 1965 led the US and other countries friendly towards Pakistan to withdraw foreign aid to India, which further necessitated devaluation. Defence spending in 1965/1966 was 24.06% of total expenditure, the highest in the period from 1965 to 1989. This, accompanied by the drought of 1965/1966, led to a severe devaluation of the rupee.
In 1950, Japan produced about 60% of the output of India. By 1975, India produced just over 20% of the output of Japan. Current GDP per capita grew 33% in the Sixties reaching a peak growth of 142% in the Seventies, decelerating sharply back to 41% in the Eighties and 20% in the Nineties.
From FY 1951 to FY 1979, the economy grew at an average rate of about 3.1 percent a year in constant prices, or at an annual rate of 1.0 percent per capita (see table 16, Appendix). During this period, industry grew at an average rate of 4.5 percent a year, compared with an annual average of 3.0 percent for agriculture. Many factors contributed to the slowdown of the economy after the mid-1960s, but economists differ over the relative importance of those factors. Structural deficiencies, such as the need for institutional changes in agriculture and the inefficiency of much of the industrial sector, also contributed to economic stagnation. Wars with China in 1962 and with Pakistan in 1965 and 1971; a flood of refugees from East Pakistan in 1971; droughts in 1965, 1966, 1971, and 1972; currency devaluation in 1966; and the first world oil crisis, in 1973-1974, all jolted the economy.
This is a chart of trend of gross domestic product and foreign trade of India at market prices estimated by ''Ministry of Statistics and Programme Implementation'' with figures in millions of Indian Rupees. See also the IMF database.

Year	Gross Domestic Product	US Dollar Exchange in (Rs.)
1950	99,340	4.79
1955	108,730	4.79
1960	171,670	4.77
1965	276,680	4.78
1970	456,770	7.56
1975	832,690	8.39

Lawrence H. Officer, "Exchange rate between the United States dollar and forty other countries, 1913 -1999." Economic History Services, EH.Net, 2002. URL: http://eh.net/hmit/exchangerates/

1975 - 2000

;Privatisation reforms
: ''See Also: Economic Reforms under Rao''
As late as 1991, India still had a fixed exchange rate system, where the rupee was pegged to the value of a basket of currencies of major trading partners. India started having balance of payments problems since 1985, and by the end of 1990, it was in a serious economic crisis. The government was close to default and its foreign exchange reserves had reduced to the point that India could barely finance three weeks’ worth of imports. The Government of India headed by Chandra Shekhar decided to usher in several reforms that are collectively termed as ''liberalisation'' in the Indian media with Manmohan Singh whom he appointed as a special economical advisor. This event marked a tremendous shift in India's economy since independence - it assumed an outward-shift of encouraging exports instead of the inward focus that stressed on import substitution till then. The reforms brought changes in three broad areas, collectively known as liberalisation, privatisation and globalisation. Liberalisation did away with regulatory hurdles and minimised licensing requirements. Privatisation reduced the role of the state and public sector in business. Globalisation made it easier for the MNCs to operate in India. This policy was later continued by Prime minister P. V. Narasimha Rao, and he was ably supported by his finance minister Manmohan Singh and other officials such as C. Rangarajan, Montek Singh Ahluwalia, Shankar Acharya and Y. Venugopal Reddy. The initial period culminated in 1996 with the government getting voted out of power. This brought coalition politics to centre-stage and the pace of reforms slackened.
For a short educational video of the "economic history of India".
The Union budget presented by United Front Finance Minister P. Chidambaram (1996 - 1998) was praised for its increase of reforms and pro-growth policies, but India's economy was hampered by the 1997 Asian Economic Crisis in Thailand, Indonesia, Singapore, Malaysia, Hong Kong, Japan and South Korea, as well as the fragile nature of the ruling UF coalition. It should be noted that despite the economic and political adversities, India's economy did not decline - it maintained a slow growth of GDP and a falling value of its currency. However, rising prices of common products like onions and slow reduction in employment created much public consternation.
This is a chart of trend of gross domestic product and foreign trade of India at market prices estimated by ''Ministry of Statistics and Programme Implementation'' with figures in millions of Indian Rupees. See also the IMF database.

Year	Gross Domestic Product	Exports	Imports	US Dollar Exchange in (Rs.)	Inflation Index (2000=100)
1975	832,690			8.39
1980	1,380,334	90,290	135,960	7.86	18
1985	2,729,350	149,510	217,540	12.36	28
1990	5,542,706	406,350	486,980	17.50	42
1995	11,571,882	1,307,330	1,449,530	32.42	69
2000	20,791,898	2,781,260	2,975,230	44.94	100

Lawrence H. Officer, "Exchange rate between the United States dollar and forty other countries, 1913 -1999." Economic History Services, EH.Net, 2002. URL: http://eh.net/hmit/exchangerates/

2000 - 2025

;Rise of Oligarchy
National Democratic Front led by BJP, was in helm of economic affairs from 1998-2004. During this period there were two finance ministers, viz., Yashwant Sinha (1998-2003) and Jaswant Singh (2003-2004). The main economic achievement of the government was the universal license in telecom field, which allows CDMA license holders to provide GSM services and vice versa. NDA started off the 'Golden Quadrilateral' road network connecting main metros of Delhi, Chennai, Mumbai and Kolkata. The project, still under construction, was one of the most ambitious infrastructure projects of independent India. Simultaneously, North-South and East-West highway projects were planned and construction was started. Education for all is still an unrealised dream in India. This was made a fundamental right by amending the constitution of India and huge amount of money was pumped into the project under the name of 'Sarva Shiksha Abhiyan'. This project met with limited success.
This is a chart of trend of gross domestic product and foreign trade of India at market prices estimated by ''Ministry of Statistics and Programme Implementation'' with figures in millions of Indian Rupees. See also the IMF database.

Year	Gross Domestic Product	Exports	Imports	US Dollar Exchange in (Rs.)	Inflation Index (2000=100)
2000	20,791,898	2,781,260	2,975,230	44.94	100
2005	34,195,278			44.09	121
2007	40,701,955			40.85	136

Lawrence H. Officer, "Exchange rate between the United States dollar and forty other countries, 1913 -1999." Economic History Services, EH.Net, 2002. URL: http://eh.net/hmit/exchangerates/
For purchasing power parity comparisons, the US Dollar is exchanged at 9.46 Rupees only.
Despite steady growth and continuous reforms since the Nineties, Indian economy is still mired in bureaucratic hurdles from coast to coast. This was confirmed by a World Bank report published in late 2006 ranking Pakistan (at 74th) well ahead of India (at 134th) based on ease of doing business [1]
Haphazard liberalisation reforms by different governments created a massive concentration of wealth in the hands of a few select oligarchs particularly in the southern and western states of India. These oligarchs control the media and the mineral resources and lobby vigorously for personal aggrandisement.In 2006, Forbes reported that India was home to more billionaires than any other nation in Asia except Russia.
An overwhelming 836 million people in India live on a per capita consumption of less than Rs.20 per day ($0.50 per day), according to the findings of the Arjun Sengupta report on the Conditions of Work and Promotion of Livelihood in the Unorganised Sector.[2]

See also

★ Timeline of the economy of India

★ List of countries by past GDP (PPP)

★ List of countries by past GDP (nominal)

★ Rajnarayan Chandavarkar historian

References

1. See ''Laws of Manu'' VIII and Chanakya's ''Arthashastra'' (3.1.15).

Bibliography

;Articles

★ Dr. Nupam P. Mahajan, (1999) India's First Coinage. Retrieved Feb. 24, 2005.
;Books

★

★ Adam Smith, ''The Wealth of Nations''.

★ Jawaharlal Nehru, ''The Discovery of India''

★ Max Weber, ''

★ Micklethwait, John & Wooldridge, Adrian (2003). ''The Company: a short history of a revolutionary idea''. Modern library chronicles. ISBN 0-679-64249-8.

★ 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 81-900115-6-1.
;Papers

★ Khanna, Vikramaditya S. (2005). ''The Economic History of the Corporate Form in Ancient India.'' University of Michigan.

★ Pearce, H. Thomas (Spring 2003). ''Weber's study of the Hindu ethic and the caste system''.
;News

★ Manmohan Singh's address at the Oxford in July 2005

Bibliography

★ G. Balachandran, ed. ''India and the World Economy, 1850-1950'' Oxford University Press, 2005. ISBN 0-19-567234-8.

★ Chaudhuri, K. N.''Trade and Civilisation in the Indian Ocean: An Economic History from the Rise of Islam to 1750'' (1985)

★ Ludden, David, ed. ''New Cambridge History of India: An Agrarian History of South Asia'' (1999).

★ Habib, Irfan. ''Agrarian System of Mughal India'' (1963, revised edition 1999).

★ Habib, Irfan. ''Atlas of the Mughal Empire: Political and Economic Maps '' (1982).

★ Habib, Irfan. ''Indian Economy, 1858-1914'' (2006).

★ Raychaudhuri, Tapan and Irfan Habib, eds. ''The Cambridge Economic History of India: Volume 1, c. 1200-c. 1750'' (1982).

★ Kumar, Dharma and Meghnad Desai, eds. ''The Cambridge Economic History of India: Volume 2, c.1751-c.1970'' (1983).

★ Tomlinson, B. R. et al.''The Economy of Modern India, 1860-1970'' (1996) (The New Cambridge History of India)

★ Lal, Deepak. ''The Hindu Equilibrium: India C.1500 B.C.-2000 A.D.'' (2nd ed. 2005).

★ Frankel, Francine R. ''India's Political Economy, 1947-1977: The Gradual Revolution'' (1978).

★ Rudolph, Lloyd I. ''In Pursuit of Lakshmi: The Political Economy of the Indian State'' (1987).

★ Roy, Tirthankar. ''The Economic History of India 1857-1947'' (2002, 2006).

★ Larue, C. Steven. ''The India Handbook'' (1997) (Regional Handbooks of Economic Development).

★ Das, Gurcharan. ''India Unbound: The Social and Economic Revolution from Independence to the Global Information Age'' (2002).