New Delhi: The Mughals ruled the country for more than 200 years and they were unarguably one of the most powerful empires in the history of the Indian subcontinent. They left an indelible mark on every aspect of Indian society including culture and economy. While the Mughals initially came to India to conquer the land, they worked for the growth and prosperity of the nation.
The economic prowess of the Mughal Empire and the development of infrastructure that took place during the time played a key role in shaping the history of South Asia. While Babur is generally considered to be the founder of the empire, it was Akbar who is considered the one who truly consolidated the power of the empire in the Indian subcontinent. Compared to medieval times, during Mughal rule, South Asia’s economy increased in productivity and its economy was called a form of proto-industrialization.
When Mughal India’s GDP was the highest in the world
According to the ‘History of Indian Economy’ by the Consulate General of India in Jeddah, there was a time when the Mughal GDP was the highest in the world. This has been corroborated by “The 5 most dominant economic empires of all time” by Chris Matthews and ‘The World Economy’ by Angus Maddison.
India experienced unprecedented prosperity during the Mughal rule. The country’s GDP in the 16th century was an estimated 25.1 per cent of the world economy. An estimate of India’s pre-colonial economy puts Emperor Akbar’s annual revenue in 1600 AD at £17.5 million. To put into perspective, about 200 years later, the entire treasury of Great totalled £16 million. The Mughal India’s GDP in 1600 AD was estimated at 24.3 per cent of the world economy, the second largest.
At the start of the 17th century, the Mughal’s economic expansion was the largest and surpassed the Qing dynasty and Europe. By then, the Mughal economy had overtaken China to have the world’s largest GDP. Its richest province was Bengal Subah, which contributed to 12 per cent of GDP and was a major hub for industries, contributing significantly to global trade and European imports, particularly in textiles and shipbuilding.
