Economy of the Indian subcontinent

From Bharatpedia, an open encyclopedia
Economy of Indian subcontinent
South Asia (orthographic projection).svg
Statistics
Population2 arab[1][2]
GDP
GDP growth
5.8% (2022 est.)[5]
GDP per capita
  • $2,272 (nominal; 2022)[6]
  • $7,931 (PPP; 2022)[7]
7.2% (2022)[8]
Unemployment7% (2022)[9]
Public finances
78.8% of GDP (2023 est.)[10]
Most numbers are from the International Monetary Fund. IMF South Asia Datasets

All values, unless otherwise stated, are in US dollars.
Development of GDP per capita of economies in South Asia

The economy of the Indian subcontinent comprises 2 arab people (25% of the world population) living in eight countries (though Afghanistan is sometimes excluded).[11][12] It was historically one of the richest regions in the world, comprising 25% of world GDP as recently as 1700,[13] but experienced significant de-industrialisation and a doubling of extreme poverty during the European colonial rule of the late 18th to mid-20th century.[14] In the post-colonial era, the Indian subcontinent has grown significantly, with India advancing because of economic liberalisation from the 1980s onwards,[15] and extreme poverty now below 15% in the region.[16] the Indian subcontinent, primarily the republic of India, has been the fastest-growing region of the world since 2014.[17]

History[edit]

Main article: Economic history of the Indian subcontinent

Ancient and medieval era[edit]

This section is an excerpt from Economic history of India[edit]

[[Economic history of India|]]India was the largest economy in the world for most of the next three millennia, starting around the 1st millennia BCE and ending around the beginning of British rule in India.[18]

Around 600 BCE, the Mahajanapadas minted punch-marked silver coins. The period was marked by intensive trade activity and urban development. By 300 BCE, the Maurya Empire had united most of the Indian subcontinent except Tamilakam, which was ruled by Three Crowned Kings. Tamlilakam, under the Three Crowned Kings, had been minting gold coins for several millennia by this period. The resulting political unity and military security allowed for a common economic system and enhanced trade and commerce, with increased agricultural productivity.

The Maurya Empire was followed by classical and early medieval kingdoms, including the Cholas, Pandyas, Cheras, Guptas, Western Gangas, Harsha, Palas, Rashtrakutas and Hoysalas. The Indian subcontinent had the largest economy of any region in the world for most of the interval between the 1st century and 18th century.[19][20][21][22] Up until 1000 CE, its GDP per capita was not much higher than subsistence level.[23]

India experienced per-capita GDP growth in the high medieval era after 1000 CE, during the Delhi Sultanate in the north and Vijayanagara Empire in the south, but was not as productive as Ming China until the 16th century. By the late 17th century, most of the Indian subcontinent had been reunited under the Mughal Empire, which became the largest economy and manufacturing power in the world, producing about a quarter of global GDP, before fragmenting and being conquered over the next century.[24] Bengal Subah, the empire's wealthiest province, that solely accounted for 40% of Dutch imports outside the west,[25] had an advanced, productive agriculture, textile manufacturing and shipbuilding, in a period of proto-industrialization.[26][27][28]

By the 18th century, the Mysoreans had embarked on an ambitious economic development program that established the Kingdom of Mysore as a major economic power. Sivramkrishna analyzing agricultural surveys conducted in Mysore by Francis Buchanan in 1800-1801, arrived at estimates, using "subsistence basket", that aggregated millet income could be almost five times subsistence level.[29] The Maratha Empire also managed an effective administration and tax collection policy throughout the core areas under its control and extracted chauth from vassal states.[30]

Colonial era[edit]

See also: Economy of India under Company rule
This section is an excerpt from Economy of India under the British Raj[edit]

The Indian economy under the British Raj describes the economy of India during the years of the British Raj, from 1858 to 1947. According to historical GDP estimates by economist Angus Maddison, India's GDP during the British Raj grew in absolute terms but declined in relative share to the world.

From 1850 to 1947 India's GDP in 1990 international dollars grew from $125.7 billion to $213.7 billion, a 70% increase or an average annual growth rate of 0.55%. This was a higher rate of growth than during the Mughal era from 1600 to 1700 where it had grown by 22%, an annual growth rate of 0.20%. Or the longer period of mostly British East Indian company rule from 1700 to 1850 where it grew 39% or 0.22% annually. By the end of British rule India's economy represented a much smaller proportion of global GDP. In 1820 India's GDP was 16% of the world total, by 1870 it had fallen to 12% and by 1947 had fallen further to 4%. India's per-capita income remained mostly stagnant during the Raj, with most of its GDP growth coming from an expanding population. From 1850 to 1947 India's GDP per capita had grown only slightly by 16%, from $533 to $618 in 1990 international dollars.

The role and scale of British imperial policy on India's relative decline in global GDP remains a topic of debate among economists, historians and politicians. Many commentators argue the effect of British rule was highly negative, that Britain engaged in a policy of deindustrialisation in India for the benefit of British exporters, leaving Indians relatively poorer than before British rule. Others argue that Britain's impact on India was either broadly neutral or positive, and that India's declining share of global GDP was due to other factors, such as new mass production technologies being invented in Europe.

Modern era[edit]

India is the largest economy in the region (US$3.535 trillion) and makes up almost 80% of the South Asian economy; it is the world's 5th largest in nominal terms and 3rd largest by purchasing power adjusted exchange rates (US$11.745 trillion).[31] India is the member of G-20 major economies and BRICS from the region. It is the fastest-growing major economy in the world and one of the world's fastest registering a growth of 7.2% in FY 2022-23.[32]

India is followed by Bangladesh, which has a GDP of ($411 billion) and a GDP per capita of $2,554, which is 4th in the region above India and Pakistan. It has the fastest GDP growth rate in Asia. It is one of the emerging and growth-leading economies of the world, and is also listed among the Next Eleven countries. It is also one of the fastest-growing middle-income countries. It has the world's 33rd largest GDP in nominal terms and is the 27th largest by purchasing power adjusted exchange rates ($1.015 trillion). Bangladesh's economic growth was 6.4% in 2022.[33] Pakistan has an economy of ($314 billion) and ranks 5th in GDP per capita in the region.[34] Next is Sri Lanka, which has the 2nd highest GDP per capita and the 4th largest economy in the region.

Certain parts of South Asia are significantly wealthier than others; the four Indian states of Maharashtra, Tamil Nadu, Gujarat and Karnataka are projected to account for almost 50% of India's GDP by 2030, while the five South Indian states comprising 20% of India's population are expected to contribute 35% of India's GDP by 2030.[35]

The major stock exchanges in the region are Bombay Stock Exchange (BSE) with market Capitalization of $3.5 trillion (10th largest in the world), National Stock Exchange of India (NSE) with market capitalization of $3.55 trillion (9th largest in the world), Dhaka Stock Exchange (DSE), Colombo Stock Exchange (CSE), and Pakistan Stock Exchange (PSX) with market capitalization of $72 billion. Economic data is sourced from the International Monetary Fund, current as of April 2017, and is given in US dollars.[36]

India is home to the Indian Premier League, which is the second-most valued sports league in the world on a per-match basis.[37]

Country

[38][39][40]

GDP Inflation

(2022)[41]

HDI
Nominal GDP(in millions) (2022) (%Share)[42] GDP per capita

(2022)[43]

GDP (PPP)(in millions) (2022) (%Share) GDP (PPP) per capita (2022) GDP growth

(2022)[44]

HDI

(2019)[45]

Inequality-adjusted HDI (2019)[46]
 Afghanistan[47] $20,136 (2020) $611 (2020) $80,912 (2020) $2,456 (2020) -2.4% (2020) 5.6% (2020) Increase0.478 (low) No data
 Bangladesh $460,751 (10.41%) $2,734 $1,345,646 (8.97%) $7,985 7.2% 6.1% Increase0.661 (medium) Increase0.465 (low)
 Bhutan $2,707 (0.06%) $3,562 $9,937 (0.07%) $13,077 4.0% 7.7% Increase0.666 (medium) Increase0.450 (low)
 India $3,468,566 (78.35%) $2,466 $11,665,490 (77.74%) $8,293 6.8% 6.9% Increase0.633 (medium) Increase0.538 (low)
 Maldives $5,900 (0.13%) $15,097 $12,071 (0.08%) $30,888 8.7% 4.3% Increase0.747 (high) Increase0.568 (medium)
   Nepal $39,028 (0.88%) $1,293 $141,161 (0.94%) $4,677 4.2% 6.3% Increase0.602 (medium) Increase0.430 (low)
 Pakistan $376,493 (8.50%) $1,658 $1,512,476 (10.08%) $6,662 6.0% 12.10% Increase0.544 (low) Increase0.386 (low)
 Sri Lanka $73,739 (1.67%) $3,293 $318,690 (2.12%) $14,230 -8.7% 48.2% Increase0.782 (high) Increase0.686 (medium)
South Asia[48] $4,427,184 (100%) $2,385 $15,005,471 (100%) $8,085 6.4% 8.1% Increase0.639 (medium) -

Poverty[edit]

See also: Poverty in India, Poverty in Pakistan, and Poverty in Bangladesh

Poverty rates vary greatly throughout the region, with a majority of Afghanistan relying on humanitarian aid,[49] and 40% of Sri Lankans slipping into poverty due to the economic crisis that started in 2019.[50]

Country

[51][52][53]

Population below poverty line (at $1.9/day) Global Hunger Index (2021)[54] Population under-nourished (2015)[55] Life expectancy (2019)[56] (global rank) Global wealth report (2019)[57][58][59]
World Bank[60] (year) 2022 Multidimensional Poverty Index Report (MPI source year)[61] Population in Extreme poverty (2022)[62] CIA Factbook (2015)[63] Total national wealth in billion USD (global rank) Wealth per adult in USD Median wealth per adult in USD (global rank)
 Afghanistan 54.5% (2016) 55.91% (2015–16) 18% 36% 28.3 (103rd) 26.8% 63.2 (160th) 25 (116th) 1,463 640 (156th)
 Bangladesh 24.3% (2016) 24.64% (2019) 4% 31.5% 19.1 (76th) 16.4% 74.3 (82nd) 697 (44th) 6,643 2,787 (117th)
 Bhutan 8.2% (2017) 37.34% (2010) 4% 12% No data No data 73.1 (99th) No Data No Data No Data
 India 21.9% (2011) 16.4% (2019-21) 3% 29.8% 27.5 (101st) 15.2% 70.8 (117th) 12,614 (7th) 14,569 3,042 (115th)
 Maldives 8.2% (2016) 0.77% (2016–17) 4% 16% No data 5.2% 79.6 (33rd) 7 (142nd) 23,297 8,555 (74th)
   Nepal 25.2% (2010) 17.50% (2019) 8% 25.2% 19.1 (76th) 7.8% 70.9 (116th) 68 (94th) 3,870 1,510 (136th)
 Pakistan 24.3% (2015) 38.33% (2017–18) 5% 12.4% 24.7 (94th) 22% 69.3 (144th) 465 (49th) 4,096 1,766 (128th)
 Sri Lanka 4.1% (2016) 2.92% (2016) 5% 8.9% 16 (65th) 22% 76.9 (54th) 297 (60th) 20,628 8,283 (77th)

India[edit]

This section is an excerpt from Economy of India[edit]
Mumbai, the financial centre of India[64][65]

The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable public sector in strategic sectors.[66] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 139th by GDP (nominal) and 127th by GDP (PPP).[67] From independence in 1947 until 1991, successive governments followed Soviet model and promoted protectionist economic policies, with extensive Sovietization, state intervention, demand-side economics, natural resources, bureaucrat driven enterprises and economic regulation. This is characterised as dirigism, in the form of the Licence Raj.[68][69] The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India and indicative planning.[70][71] Since the start of the 21st century, annual average GDP growth has been 6% to 7%.[66] The economy of the Indian subcontinent was the largest in the world for most of recorded history up until the onset of colonialism in early 19th century.[72][73][74] India accounts for 7.2% of the global economy in 2022 in PPP terms, and around 3.4% in nominal terms in 2022.[75][76]

India still has informal domestic economies; COVID-19 reversed both economic growth and poverty reduction; credit access weaknesses contributed to lower private consumption and inflation; and new social and infrastructure equity efforts.[77] Economic growth slowed down in 2017 due to the shocks of "demonetisation" in 2016 and the introduction of the Goods and Services Tax in 2017.[78] Nearly 70% of India's GDP is driven by domestic consumption.[79] The country remains the world's sixth-largest consumer market.[80] Apart from private consumption, India's GDP is also fueled by government spending, investments, and exports.[81] In 2022, India was the world's 6th-largest importer and the 9th-largest exporter.[82] India has been a member of the World Trade Organization since 1 January 1995.[83] It ranks 63rd on the Ease of doing business index and 40th on the Global Competitiveness Index.[84] Due to extreme rupee/dollar rate fluctuations India's nominal GDP fluctuates significantly.[85] With 476 million workers, the Indian labour force is the world's second-largest.[86] India has one of the world's highest number of billionaires and extreme income inequality.[87][88] The number of income tax returns filed has been increasing year on year reaching a record 6,77,00,000 income tax returns for the 2023-24 financial year filed by 31st July 2023; this was a 16.1% increase on the previous year when 5,83,00,000 tax returns were filed by 31 July 2022.[89] Income-Tax Department said that it was a "fair indication of widening of [the] tax base" that 53,67,000 of the tax returns were by people who had never filed a tax return before.[89]

During the 2008 global financial crisis, the economy faced a mild slowdown. India endorsed Keynesian policy and initiated stimulus measures (both fiscal and monetary) to boost growth and generate demand. In subsequent years, economic growth revived.[90] According to the World Bank, to achieve sustainable economic development, India must focus on public sector reform, infrastructure, agricultural and rural development, removal of land and labour regulations, financial inclusion, spur private investment and exports, education, and public health.[91] The period between 2004 and 2014 is referred to as India’s lost decade as India fell behind other BRIC economies.[92][93]

In 2022, India's ten largest trading partners were the United States, China, United Arab Emirates (UAE), Saudi Arabia, Russia, Germany, Hong Kong, Indonesia, South Korea, and Malaysia.[94] In 2021–22, the foreign direct investment (FDI) in India was $82 billion. The leading sectors for FDI inflows were the service sector, the computer industry, and the telecom industry.[95] India has free trade agreements with several nations and blocs, including ASEAN, SAFTA, Mercosur, South Korea, Japan, Australia, UAE, and several others which are in effect or under negotiating stage.[96][97]

The service sector makes up more than 50% of GDP and remains the fastest growing sector, while the industrial sector and the agricultural sector employs a majority of the labor force.[98] The Bombay Stock Exchange and National Stock Exchange are some of the world's largest stock exchanges by market capitalisation.[99] India is the world's sixth-largest manufacturer, representing 2.6% of global manufacturing output.[100] Nearly 65% of India's population is rural,[101] and contributes about 50% of India's GDP.[102] It has the world's fifth-largest foreign-exchange reserves worth $561 billion.[103] India has a high public debt with 83% of GDP, while its fiscal deficit stood at 6.4% of GDP.[104] India faces high unemployment, rising income inequality, and a drop in aggregate demand.[105][106] India's gross domestic savings rate stood at 29.3% of GDP in 2022.[107] In recent years, independent economists and financial institutions have accused the government of manipulating various economic data, especially GDP growth.[108][109] India's overall social spending as a share of GDP in 2021–22 will be 8.6%, which is much lower than the average for OECD nations.[110][111]

Bangladesh[edit]

This section is an excerpt from Economy of Bangladesh[edit]
Motijheel C/A, the downtown of Dhaka

The economy of Bangladesh is classified as a major developing mixed economy. It ranks as the second-largest economy in Indian subcontinent and holds the position of the 35th largest economy globally in nominal terms, while being the 25th largest when measured by purchasing power parity. Various financial institutions recognize Bangladesh as one of the Next Eleven economies, reflecting its potential for growth. The country is transitioning from a frontier market to an emerging market status. Bangladesh is a member of the South Asian Free Trade Area (SAFTA) and the World Trade Organization (WTO). In the fiscal year 2021–2022, Bangladesh achieved a GDP growth rate of 7.2% following the global pandemic, positioning it among the fastest-growing economies in the world.

The industrialisation of Bangladesh gained significant momentum following the partition of India, facilitated by labor reforms and the establishment of new industries. From 1947 to 1971, East Pakistan was responsible for generating between 50% and 70% of Pakistan's total exports. In the late 1970s, modern Bangladesh initiated economic reforms that encouraged free-market practices and attracted foreign direct investment. By the 1990s, the ready-made garments sector experienced substantial growth. As of 16 March 2024, Bangladesh boasts the highest number of green garment factories worldwide, all certified under Leadership in Energy and Environmental Design (LEED) by the United States Green Building Council (USGBC). Among these, 80 factories hold platinum ratings, 119 are gold-rated, 10 are silver-rated, while four do not have any rating. Additionally, as of 06 March 2024, Bangladesh is home to 54 of the top 100 LEED-certified Green Garment Factories globally, including 9 of the top 10 and 18 of the top 20. Furthermore, as of 27 April 2024, the pharmaceutical industry in Bangladesh is on an upward trajectory, recording an average annual growth rate of 12%. Notably, Bangladesh stands out as the only country among the 48 least-developed nations that is nearly self-sufficient in medicine production, with local manufacturers satisfying 98% of domestic pharmaceutical needs.

Remittances from the substantial Bangladeshi diaspora have emerged as a crucial source of foreign exchange reserves. The agricultural sector in Bangladesh benefits from government subsidies, which help ensure food self-sufficiency. Overall, the country has adopted a strategy of export-oriented industrialisation.

Following the pandemic, Bangladesh witnessed strong economic growth characterised by macroeconomic stability, enhanced infrastructure, an expanding digital economy, and increasing trade flows. However, tax collection remains notably low, with tax revenues constituting only 7.7% of the country's GDP. The banking sector is facing significant challenges due to a high volume of non-performing loans, raising considerable concern among stakeholders.

The private sector plays a crucial role in the economy, accounting for approximately 80% of GDP. The country features two primary stock exchanges: the Dhaka Stock Exchange and the Chittagong Stock Exchange. Additionally, the majority of businesses in Bangladesh are privately owned small and medium-sized enterprises (SMEs), which represent about 90% of all enterprises operating within the nation.

Pakistan[edit]

This section is an excerpt from Economy of Pakistan[edit]

The economy of Pakistan is classified as a developing economy. It is the 23rd-largest in terms of GDP based on purchasing power parity (PPP). In 2021, the country had a population of 227 million people. As of FY22, the nominal GDP of Pakistan stands at with a nominal GDP per capita of (177th); its GDP based on PPP stands at with a GDP (PPP) per capita of (168th).

In the formative decades of Pakistan, the economy was largely based on private industries. Nationalisation of significant portion of the sector including financial services, manufacturing and transportation had begun in the early 1970s. With the beginning of Zia-ul Haq's regime in the 1980s, a more "Islamic" economy was adopted which outlawed economic practices forbidden in Sharīʿah and mandated traditional religious practices instead. Although, the economy began to privatise in the 1990s.

The growth poles of Pakistan's economy are situated along the Indus River; the diversified economies of Karachi and major urban centres in Punjab, co-existing with lesser developed areas in other parts of the country. Pakistan was classified as a semi-industrial economy for first time in late 1990s albeit an underdeveloped country with heavy dependence on agriculture, textile industry being dependent on cotton production. Primary export commodities include textiles, leather goods, sports equipment, chemicals, and carpets/rugs.

Pakistan is currently undergoing a process of economic liberalization, including the privatization of all government corporations, which is aimed at attracting foreign investment and decreasing budget deficits. However, the country continues to face the challenges of rapidly growing population, high illiteracy, corruption, political instability, a hostile neighborhood and heavy foreign debt.

Falling low on budgets for paying interest on its debt, Pakistan has been facing an economic crisis since 2022. Amid adverse effects of ongoing Russo-Ukrainian War, Pakistan has been facing shortage in supply and high inflation in prices of food, oil, gas and electricity. The crisis has led to sharp deappreciation of Pakistani ruppee and downgrading of country's credit ratings by various agencies which has further increased the possibility of default.

Afghanistan[edit]

Page 'Economy of Afghanistan' not found

Bhutan[edit]

Page 'Economy of Bhutan' not found

Maldives[edit]

Page 'Economy of Maldives' not found

Nepal[edit]

Page 'Economy of Nepal' not found

Sri Lanka[edit]

Page 'Economy of Sri Lanka' not found

See also[edit]

References[edit]

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