For much of recorded history, Bharat (India) was among the world’s most prosperous civilizations. Ancient Greek, Roman, Arab, Chinese, and later European sources describe India as a land of immense wealth, advanced industries, and global trade. India contributed a significant share of the world’s economy for centuries, exporting textiles, spices, steel, agricultural produce, and precious goods through vast land and sea networks. Cities such as Pataliputra, Taxila, Ujjain, Madurai, and Vijayanagara functioned as centers of commerce, learning, and governance, supported by guilds, community banking, and decentralized economic systems.
Centuries of foreign rule—particularly Islamic invasions and British colonialism—dramatically altered this trajectory. Large-scale extraction of wealth, destruction or neglect of indigenous institutions, and economic restructuring for imperial benefit led to India’s decline from one of the richest regions to one of the poorest by the time of independence in 1947. Understanding this history is essential to appreciating both India’s civilizational strength and the challenges it faced.