Page 33 - The Insurance Times August 2024

Indian Economy

Past-Present-

Future with

world view P S Parameswaran

Founder and Chief Executive
WISE Corporate Financial Advisor

The Indian economy has experienced significant changes over the decades, transforming from a
largely agrarian society to a more diversified economy with growing industrial and service sectors.
Here's an overview of the Indian economy's past, present, and potential future, along with a
comparison to global economic trends.

T he Indian economy has experienced significant Colonial Period (1757-1947)

changes over the decades, transforming from a
The British East India Company and later the British Crown
largely agrarian society to a more diversified
controlled India, leading to significant changes in the
economy with growing industrial and service
sectors. Here's an overview of the Indian economy's past, economy. Traditional industries like textiles suffered due to
British policies favouring the import of British goods and the
present, and potential future, along with a comparison to export of raw materials from India. The introduction of the
global economic trends. Zamindari, Ryotwari, and Mahalwari systems disrupted
traditional agrarian structures and led to widespread
Understanding the economy of India requires a exploitation of farmers. The British built extensive railway
comprehensive look at both the pre-independence and post- networks and other infrastructure primarily to serve their
independence eras. Here's an overview: administrative and economic interests. Policies favouring
British economic interests, heavy taxation, and neglect of
Past local welfare led to famines and widespread poverty.
Pre-Independence Era
Post-Independence Era
Ancient and Medieval Period
Early Years (1947-1991)
India was predominantly an agrarian society. Agriculture
formed the backbone of the economy, with a vast majority India adopted a mixed economy model with an emphasis
of the population engaged in farming, Alongside, India was on planned development. The Planning Commission was
a major hub for trade, known for its spices, textiles, and established to formulate Five-Year Plans. Land reforms were
other goods. The Silk Road and maritime trade routes initiated to redistribute land from large landlords to tenant
facilitated extensive trade with Central Asia, the Middle farmers and landless labourers. The government focused on
East, Europe, and Southeast Asia. Artisans and craftsmen building a self-reliant economy with significant public sector
organized themselves into guilds which regulated investment in heavy industries and infrastructure. In the
production, quality, and prices of goods. 1960s, the Green Revolution introduced high-yielding variety

30 August 2024 The Insurance Times