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Although ancient India had a significant urban population, much of India's population resided in villages, whose economies were largely isolated and self-sustaining. [citation needed] Agriculture was the predominant occupation and satisfied a village's food requirements while providing raw materials for hand-based industries such as textile, food processing and crafts.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
First estimation of India's national income by Dadabhai Naoroji; 1870 India's economy had a 9.2% share of world income under the British Empire. [18] 1900 Under the British Empire, India's share of manufacturing declined to 2% of global industrial output. [12] 1913 India's economy had a 5.4% share of world income under the British Empire. [18] 1930
The recorded history of Andhra Pradesh, one of the 28 states of 21st-century India, begins in the Vedic period. It is mentioned in Sanskrit epics such as the Aitareya Brahmana (800 BCE). [1] [2] [3] Its sixth-century BCE incarnation Assaka lay between the Godavari and Krishna Rivers, [4] one of sixteen mahajanapadas (700–300 BCE).
India is the third largest producer of electricity in the world. [9] During the fiscal year (FY) 2023–24, the total electricity generation in the country was 1,949 TWh, of which 1,734 TWh was generated by utilities. [3] The gross electricity generation per capita in FY2023-24 was 1,395 kWh. [3]
The economic history of the world encompasses the development of human economic activity throughout time. It has been estimated that throughout prehistory, the world average GDP per capita was about $158 per annum (inflation adjusted for 2013), and did not rise much until the Industrial Revolution .
The history of economic thought is the study of the philosophies of the different thinkers and theories in the subjects that later became political economy and economics, from the ancient world to the present day. This field encompasses many disparate schools of economic thought.
In the history of economic thought, ancient economic thought refers to the ideas from people before the Middle Ages. Economics in the classical age is defined in the modern analysis as a factor of ethics and politics, only becoming an object of study as a separate discipline during the 18th century.