Why India was called 'SONE KI CHIDIYA' and who DESTROYED Indian Economy in the Pre-1947 Era

Summary

The video delves into India's economic history, illustrating how it was once referred to as the 'Golden Sparrow' due to its wealth and significant contribution to the world economy. The narrative traces India's rich past from the Maurya Empire to the Mughal and British rule, highlighting how foreign invasions and colonial exploitation led to a sharp decline in its GDP. The script explains the rise and fall of India's economy, from a world-leading GDP share to a mere 3.2% today, discussing the impact of British colonial policies, industrialism, and taxation on Indian prosperity.

Takeaways

• 😀 India was once called the 'Golden Bird' due to its rich economy and trade dominance in the world, especially in gold, textiles, and spices.
• 😀 In the past, India's GDP contributed over 30% to the world economy, but by 1947, this contribution had drastically fallen to just 4%.
• 😀 The decline in India's economic status started around 1700 AD, largely due to the invasions and exploitation by the Mughal and British empires.
• 😀 India was a self-sufficient economy during ancient times, with its agriculture and exports thriving without the need for imports.
• 😀 The Maurya Empire, led by Chandragupta Maurya, marked a significant period in India's history, with contributions to trade, science, and governance.
• 😀 The Gupta Empire is credited with bringing scientific and educational advancements, with notable figures like Aryabhata and Kalidasa.
• 😀 During the Mughal period, India continued to dominate world trade, especially in textiles, jewelry, and weapons, but faced decline in productivity due to high taxes and poor governance.
• 😀 The British Empire exploited India's resources, turning it into a supplier of raw materials while manufacturing the finished goods in Europe, leading to the decline of local industries.
• 😀 The British also introduced heavy taxes on agriculture, causing immense hardship for Indian farmers and further weakening the economy.
• 😀 Despite the destruction of India's industries by the British, the country had a rich cultural legacy, including the famous Naland University, which was destroyed during invasions, and its goods were sought after worldwide.

Q & A

Why was India referred to as the 'Golden Bird' in ancient times?

India was referred to as the 'Golden Bird' due to its rich resources, including gold, precious metals, high-quality textiles, silk, and spices, which were exported across the world. The wealth from these exports contributed significantly to India's dominance in the global economy.

What was India's contribution to global GDP before the Mughal and British empires took control?

Before the Mughal and British empires took control, India contributed up to 32% of the world's GDP, making it one of the richest and most economically significant nations in the world.

How did the British rule affect India's economy?

The British rule drastically affected India's economy by exploiting its resources, focusing on extracting raw materials for European industries, while limiting India's ability to develop its own industries. This caused a decline in India's economic power, leading to the collapse of local industries and an increased dependency on agriculture.

What role did the Mughal Empire play in India's economic history?

The Mughal Empire, particularly under rulers like Emperor Ashoka, promoted trade, agriculture, and internal peace, leading to economic prosperity. However, after the Mughal Empire declined, India's economic stability was disrupted, eventually leading to a sharp decline in GDP.

What were the key reasons for India's economic decline post-1700?

India's economic decline after 1700 can be attributed to increased exploitation by foreign empires, such as the Mughals and the British, and the collapse of local industries. High taxes on land and labor, coupled with inefficient administration, further hindered economic growth.

How did the industrial revolution in Europe impact India?

The industrial revolution in Europe shifted the global economic balance by increasing industrial production and technological advancements. While India had a large population, its lack of investment in education, technology, and industrial development left it behind, ultimately diminishing the economic advantage it had due to its population.

What was the impact of the British East India Company on India's economy?

The British East India Company exploited India's resources by exporting raw materials and importing finished goods back at high prices. This undermined local industries and agricultural sectors, contributing to India's economic decline.

How did the Mughal Empire contribute to global trade?

Under the Mughal Empire, India became a major global hub for trade, exporting goods like silk, cotton, spices, and jewelry. These exports brought gold and silver into India, strengthening its economy and contributing to its historical status as the 'Golden Bird'.

Why did India's GDP contribution fall from 32% to 4% by the time of independence?

India's GDP contribution fell due to prolonged foreign domination, particularly British colonial rule, which focused on draining resources from India, imposing heavy taxes, and destroying local industries. The lack of technological, scientific, and industrial advancements during British rule stunted economic growth.

What was the significance of the Swadeshi Movement led by Mahatma Gandhi?

The Swadeshi Movement, initiated by Mahatma Gandhi, aimed to encourage Indians to buy locally made products and reject British goods. This was a response to the economic exploitation by the British, which involved flooding India with British-made goods at higher prices, undermining local industries.