Through most of its history, India has been an economic superpower. According to historian Angus Maddison, India was the richest country and had the world’s largest economy until the 17th century. In 1700, India had produced a quarter of the world’s economic output. India’s catastrophic economic decline to ‘Third World’ status took place during the period of British rule.
Why? It was simply because India had been governed for the benefit of Britain. Britain’s rise for 200
years was financed by its depredations in India. In fact, Britain’s industrial revolution was actually premised upon the industrialization of India.”
Source ; The Statesman
