India's historical role in global economy

Abstract

India, with its rich historical legacy, has played a pivotal role in the global economy across different regions. From the ancient trade routes of the Silk Road to the contemporary era of economic liberalization, India's economic contributions have been diverse and impactful. This paper explores India's historical engagement with the global economy, tracing its evolution through key periods.
The medieval era witnessed the flourishing of trade along the Silk Road and the Indian Ocean, with Indian spices, textiles, and knowledge contributing to global exchanges. During the colonial period, India's economic landscape underwent transformative changes, marked by British exploitation and the emergence of cash crops. The struggles for independence laid the groundwork for post-independence economic policies, reflecting India's commitment to self-reliance and economic development.
The economic liberalization of 1991 marked a significant turning point, opening India to the global economy. The information technology boom in the late 20th century positioned India as a global IT hub, influencing international trade dynamics.