India gained its freedom from British rule in 1947. Indian economy suffered from several problem and was trying to recover from the effects of second world war and the post-war reconstruction schemes had to be completed without delay. At the time of Independence, Indian economy was under-developed, there was low per-capita income, poor infrastructure, illiteracy, it was mainly dependent on agriculture and there was no industrial development, it was dependent on imports. Apart from these Indian economy was semi feudal, depreciated, stagnant. India suffered from capital deficiency, high population growth, famines, unemployment, economic disparities and lots more.
India was a British colony and they reigned for more than 300 years and the whole Indian economy was destroyed although India was a prosperous nation before British invasion. India went through a lot of economic crisis at the time of Independence and one of the major reason was the partition of India. However, India is still trying to make up with the economic crisis that it suffered during Independence but it has improved to a great extent.
India was one of the richest and the most flourishing nations of the world and this is evident from the past history of the nation. India attracted many invaders in the past with its wealth. However, after British Invasion, India suffered a massive economic downfall and it continued even after India's Independence. Nevertheless, Indian economy is now gaining momentum and is developing quite fast.
