Hindu Economy
According to economic historian Angus Maddison in Contours of the world economy, 1–2030 AD: essays in macro-economic history, the Hindu economy was the world's most productive region, from
'1 AD to 1600'.
Hindu Economic Growth
End of 1st Millennium BCE:
Hindu Economy emerges as one of the largest economies globally, a status it maintains for about 2.5 millennia.​
500 BCE
Mahajanapadas mint punch-marked silver coins, indicating intensive trade and urban development.
300 BCE
Maurya Empire unites most of the Indian subcontinent, leading to political unity and a common economic system.
Increased trade, commerce, and agricultural productivity.
1-1000 CE
Hindu Economy constitutes roughly 30% of the world's GDP.
In 1000 AD, an estimated 28.5% of the world's population lives in India.
1800-1801
Agricultural surveys in Mysore indicate significant economic development, with millet income five times the subsistence level.
RICHEST ECONOMY EVER
Ancient Arthashastra Period:
4th Century BCE
Mahabharata Era
8th–9th Centuries BCE
Indus Valley Civilization
3300–1300 BCE
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Chanakya's Arthashastra provides insights into economic principles, governance, and trade.
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Emphasis on agriculture, taxation, and organized trade routes.
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Agrarian economy with characters engaged in agriculture, trade, and craftsmanship.
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Barter system and existence of cities like Hastinapura and Indraprastha.
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Flourishing urban civilization with advanced economic systems.
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Agricultural practices, trade, and well-planned cities like
Mohenjo-daro and Harappa.
THE GOLDEN ERA
Maurya Empire:
322–185 BCE
Gupta Empire:
320–550 CE
Medieval Period:
600–1500 CE
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Economic prosperity under Chandragupta Maurya and Ashoka.
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Organized administrative systems supporting agriculture, trade, and mining.
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Considered the "Golden Age" with advancements in science, arts, and commerce.
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Flourishing trade with Southeast Asia, the Middle East, and the Roman Empire.
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Regional Hindu kingdoms contributing to economic growth.
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Agricultural advancements, trade in spices, textiles, and precious stones.
Successful Economy
1
Religion: Festivals and religious pilgrimages fostered an early hospitality industry.
2
Organisational Entities: Ancient Hindu economy featured collective ventures like Shreni, akin to modern corporations, prevalent from 8th century BC to 10th century AD, engaging in diverse economic, political, and municipal activities.
4
Joint Family System: Pooled resources for family and business, ensuring support for all members. Prevents land splitting, promotes economies of scale. Sanctions reduce rivalry, instill obedience in junior members.
5
Coinage: 6th-5th century BC Punch-marked silver ingots, originating from Mahajanapadas in the Gangetic plains, mark Hindu earliest coinage.
3
Barter Trade: in Medieval period:
Contemporary Hindu law devote increasing attention to sureties, collateral, promissory notes and compound interest.
Villages paid a portion of their agricultural produce as revenue to the rulers, while their craftsmen received a part of the crops at harvest time for their services.
6
Until the 14th century AD, extensive maritime trade linked South India to Southeast/West Asia. Malabar and Coromandel Coasts, pivotal since 1st century BC, connected the Mediterranean to Southeast Asia.