One Liners

1. India contributed 23% of global GDP in 1600 AD, rising to 24.4% by 1700, before declining sharply under British rule.
2. India’s share of global GDP drastically fell from 24.4% in 1700 to 16.1% by 1820 due to British colonial exploitation.
3. In 2021, India’s GDP contribution globally was 7.3%, ranking third in purchasing power parity (PPP) behind the USA and China.
4. The British Raj period in India was marked by economic stagnation, recurring famines, and exploitative infrastructure policies.
5. At independence, India faced severe economic distress due to deliberate industrial neglect by the British East India Company.
6. The World Bank categorizes India as a lower-middle-income economy with a per capita income of $1891 as of 2019.
7. Major challenges in India’s economy include poverty, rapid population growth, high unemployment, and low literacy.
8. Initially dominated by agriculture (53.1% of GDP in 1950), India’s economy gradually shifted towards industry and services post-independence.
9. By 1980–81, the services sector overtook agriculture, becoming the largest GDP contributor with a 38% share.
10. India’s economic evolution clearly demonstrates a shift from agriculture dominance to a service-sector-driven economy post-1980.