"The Looting of India"

At the beginning of the 18^th century, according to the British economic historian Angus Maddison, India’s share of global economy was 23 per cent. This was as large as the whole of Europe. By the time the British departed India in 1947, it had dropped to just over 3 per cent. The rise of Britain over 200 years was financed by the looting of India (“Inglorious Empire” by Shashi Tharoor).

It began with the East India Company, for the furtherance of trade. A commercial business became a business of conquest. The Mughal Empire stretched from Kabul to Bengal and from Kashmir to Karnataka in 1615. But 150 years later, the Mughal Empire was in a state of collapse. Pillaged by the Persians in 1739, India was ripe for takeover. Robert Clive (of East India Company) in 1757 laid the groundwork with superior artillery and deft chicanery. Till the so-called “Indian Munity” of 1857, the East India Company presided over destinies of over 200 million people. Thereafter, it was the Crown (from 1858). A multinational corporation ruled by and for a state had one focus – profit!

India today has a GDP of over USD9.5 trillion (PPP terms) and a share of global GDP of 7.45% (in PPP terms). GDP in current prices is USD2.6 trillion, rising to USD4.2 trillion by 2022. Please see charts below.

Chart 1: India’s share of GDP adjusted for

Purchasing Power Parity (PPP) from 2012-2022

Chart 2: India’s GDP in current prices from 2012-2022

Multinationals and lobbyists in Government lay the groundwork for states starting a war or “trade” war. The fruits of which will go to the Haliburtons, Exxons, Chevrons and all the rest of it. Look at Iraq or Libya today. Afghanistan and Syria are for other strategic reasons. And yes, today China is stepping into a gap where others have failed to tread. So their focus is in Africa, Asia and Latin America.

Technology, finance, military might and diplomacy are the essentials for survival as a nation! You may also add integrity, good governance and openness as other ingredients.

Reference:

1. Shashi Tharoor, “Inglorious Empire”, C. Hurst & Co (Publishers) Ltd, 2017

2. Statista.com