It is globally believed that India was the largest economy and dominated the world economy for more than 2/3rd of human history i.e under the reign of "Hindu kings and before the arrival of foreign invaders"
Sanjeev Sanyal, principal economic advisor of the Government of India on "Rethinking India's economy for 21st century at GICT auditorium, Ahemdabad university has effectively explained some ancient economical facts that may help to solve current issues.
In ancient India, trading was done on a large scale (a union )which is just like today's multinational company as India's trade practices were spread across the globe and it contributed to almost 25%of world GDP ( Note- GDP was low all over the world because production was depended on the labor force).
Funding for the production, distribution, and businesses mostly came from temples rather than individual finances. Temples used to function like banks in ancient India.
The reason temples used to have tonnes of Gold was not that kings had control over it but were set out to capitalists for trading. Somnath temple in Gujarat was a port town and the temple worked like a bank for business
Sanyal said that all different economists of the ancient era and modern era agreed on the concept of Vaarta (wealth and economic policy )and Dandneeti(law enforcement for a contract)
Kautilya ( Chanakya) in his writings mentioned that Bharat bhumi enjoyed wealth production and distribution through the help of temple funding. ( Times of India)
From 1 CE through the next two millennia up to 1700 CE, all the large-scale industries like mining, metallurgy, textiles, arts, and crafts flourished in India. They boosted trade to such an extent that India held about 1/4th of the world’s GDP (Gross Domestic Product). (source- The art of living foundation)
Therefore temples were economic pillars for the country in ancient times. Kings used to hide their Treasury inside the temples in cases of emergency like the sudden fall of the kingdom.
After the arrival of the foreign invaders (looters), Ancient India's economy fell due to the destruction of temples and its wealth and scriptures, this led to the knockdown of the original kingdoms of India. India soon started importing more goods than exporting because of a lack of resources, wealth, and scriptures, an; hence,e development slohas slowed hereence the Government of India launched programs like MAKE IN INDIA and ATMANIRBHAR BHARAT to increase employment and GDP. However, it is hard to assume that India will again reach the richest spot but can surely get better in the future The economic history of India is truly astounding and is combined with the politics of that time.
Comments