History of Indian Business

From ancient times till the establishment of the British Empire, India was famous for its splendid wealth. Indian trade history shows that the country was still prosperous in spite of continuous political upheaval from 12th to 16th century. Political and economic policies were propagated by Muslim rulers in different parts of the country.

India is well known for its textiles. Textiles from Gujarat were sent to Arab countries and South-East Asia. India’s trade history features Hawood furniture, although the expensive Takshakala was inspired by the Mughal style, but the furniture was based on European design. Carpets were used in ancient and medieval India but the skill of carpet weaving reached new heights during the Mughal era only in the 16th century. A large variety of ornamental works in figure stone, ivory, pearl and turtle shell were produced in South India. Pearl fishing was a major industry here.

With Delhi as a major trading hub, well-maintained roads connecting different parts of the country facilitated trade. River routes also encouraged trade between different parts of the country. Arab traders provided Indian goods to European countries through the Red Sea and Mediterranean ports. The rise of British power in the 18th century dealt a fatal blow to the prosperity of the country. The British imposed heavy duties on both imports and exports to disrupt India’s foreign trade relations with other countries.

By the time India gained independence from the British in 1947, the economy was completely ready for trade. There were hardly any production facilities to meet the needs of the growing Indian population. The last few decades in the history of Indian trade have struggled to build the production capacity to make the country self-reliant. The government is focusing on this so that the economy can be made a developed nation from an underdeveloped condition. India today is more than a trillion economy.

Darjeeling tea, Indian khadi, Bombay duck, Kashmiri carpet, Indian spices and dried fruits are some of the famous gifts that India has given to the world. The economic status has improved in urban and semi-urban areas. The history of Indian trade is remarkable. Indian business has benefited a lot and the world too. The country has realized that it is right to make maximum use of its own resources.

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