Connect with us

News

India’s GDP During Mughals Vs India’s GDP In 2019

Published

on

India's GDP During Mughals Vs India's GDP In 2019

India’s GDP During Mughals Vs India’s GDP In 2019: First of all we should know, what actually is GDP, it’s full form is Gross Domestic Product, Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of the country’s economic health.

GDP is the most commonly used measure of economic activity and serves as a good indicator to track the economic health of a country. Economic growth (GDP growth) refers to the percent change in real GDP, which corrects the nominal GDP figure for inflation. Real GDP is therefore also referred to as inflation-adjusted GDP or GDP at constant prices.

From the above two paragraphs, I hope you might have understood what actually GDP stands for and what it’s meaning, Now let’s proceed towards the comparison of India’s GDP During the Mughals and India’s GDP in 2019.

India’s GDP During Mughals

Economic historian Angus Maddison has noted that during the years 0 to 1000, India figured as the world’s pre-eminent economic power, closely followed by China. During 1500-1600 years also, India was only next to China in terms of world GDP share and remained among the top till as late as the 17th century.

India was the world’s largest economy with a 32.9 percent share of the worldwide GDP in the first century and 28.9 percent in the 11th century.

In 1700, when the most part of the country was ruled by Mughals, India had a 24.4 percent world GDP share, higher than entire Europe’s 23.3 percent. However, thereafter, it started falling and slipped below

VS

India’s GDP In 2019

India's GDP During Mughals Vs India's GDP In 2019

The Indian economy expanded 4.5 percent year-on-year in the third quarter of 2019, below 5 percent in the previous period and market expectations of 4.7 percent. Figures showed the economy eased for the fifth consecutive quarter, and grew at the weakest pace since the first three months of 2013, mainly due to a fall in factory output and exports and a slowdown in investment.

The government already announced several measures to boost growth including a reduction in corporate taxes, concessions on vehicle purchases, bank recapitalization. Meanwhile, the central bank already cut borrowing cost 5 times this year and is seen lowering rates again next week.

GDP Annual Growth Rate in India averaged 6.18 percent from 1951 until 2019, reaching an all-time high of 11.40 percent in the first quarter of 2010 and a record low of -5.20 percent in the fourth quarter of 1979.

Also, See: HERE

Kirrak Articles