When India dominated the world

Year 2014 has born and let's take a look into the indian economy during the last 2000 years.

Before plunging into the economics, let's try to understand Gross Domestic Product in simpler terms.

GDP (Y) is a sum of Consumption (C), Investment (I), Government Spending (G) and Net Exports (X – M).

Y = C + I + G + (X − M)

X represents Exports and M represents imports.

The following estimates are taken from the 2007 monograph "Contours of the World Economy, 1–2030 AD" by the British economist Angus Maddison. This report was accepted by OECD , an organisation which contains mostly developed countries as its members.

GDP (PPP) in millions of 1990 International Dollars

Year	1	1000	1500	1600	1700	1820	1870	1913	1950	1973	2003
China	26,820	26,550	61k	96k	82k	228k	189,740	241k	244k	739k	6,187k
India	33,750	33,750	60k	74k	90k	111k	134,882	204k	222k	494k	2,267k
World	105,402	120,379	248k	331k	371k	694k	1,110,951	2,733k	5,331k	16,022k	40,913k
India,as  % of world GDP	32	28	24	22	24	16	12	7	4	3	6
China , % of world GDP	25	22	25	29	22	33	17	9	5	5	15

As you can see from the table, india dominated the world from 1 A.D to 1700 A.D. except during 1600 A.D.  India and China totally accounted for 50% of world GDP for 1700 years.

The start of industrial revolution in Europe and the subsequent colonization of the Asian giants crippled their economies in last 3 centuries.

The report further adds that GDP of  mighty Roman empire which ruled around 14 A.D. was  less than that of India and china.

25 years ago, Chinese GDP was 3.81 % of world GDP while indian GDP was 3.08%. Today, china's share of world GDP is around 14% while indian share is meagre 5.5%.

The Chinese dragon has bounced leaps and bounds while the Indian elephant has just now woke up from its deep slumber.It seems the wheels of indian democracy are moving slowly but surely.