Spices were exported to the Europe, Middle East and south East Asia in exchange of gold and silver.The rise of the Maratha Empire after the falls of Mughals marked the decline of political stability affecting Indian economy.
In the 1950s the Indian government had undertaken a chain of plans for the economic development.
These plans functioned profitably for a while but then again in the long run they showed lese development.
There is an enormous shift from what the economy used to be in the distant past.
Indian economy is the third largest in the world, as measured by ‘Purchasing Power Parity’ (PPP).
State planning and the mixed economy: Indian economy works on the basis of 5-year plans, which enables an effective and equal distribution of national resources for a balanced economic development.
Mixed economy is the merger of the socialist and capitalist economy.
They usually practiced varieties of traders, which include agriculture, domestication of animals, making sharp weapons from copper, bronze and tin and inter-city trading.
Barter system was commonly use in these times although many kings issued coins and revenues were also paid to the rulers.
Pre – Colonial History Pre – colonial implies to the period before the advent of the British.
Indus Valley Civilisation is considered to be the first of the permanent settlements in the urban areas.