Mughal Empire

1526
During this period, Mughal India was the second largest economy in the world. The gross domestic product of India in the 16th century was estimated at about 24.5% of the world economy, in comparison to Ming China's 25% share.

1600

An estimate of India's pre-colonial economy puts the annual revenue of Emperor Akbar's treasury in 1600 at £17.5 million, in contrast to the entire treasury of Great Britain in 1800, which totalled £16 million. The gross domestic product of Mughal India in 1600 was estimated at about 22.6% the world economy, in comparison to Ming China's 29.2% share.

1700

By this time, the Mughal Empire expanded to almost 1,000 million acres (4,000,000 km2), or 90 per cent of South Asia, and a uniform customs and tax administration system was enforced. Annual revenue reported by the Emperor Aurangzeb's exchequer exceeded £100 million in 1700 (twice that of Europe then). Thus, India emerged as the world's largest economy, followed by Manchu China and Western Europe.

Nawabs, Marathas & Nizams

1725 - 1750
During this period, Mughals were replaced by the Nawabs in north India, the Marathas in central India and the Nizams in south India. However, the Mughal tax administration system was left largely intact. China was the world's largest economy followed by India and France. The gross domestic product of India in 1750 was estimated at about 80 per cent that of China.

1750 - 1775
During this period, about two-thirds of the civil service in India was still dominated by Muslim officers though the Maratha empire expanded to almost 250 million acres (1,000,000 km2), or 34 per cent of Indian landscape, while the Nizam's dominion expanded to almost 125 million acres (510,000 km2), or 17 per cent of Indian landscape. China was the world's largest economy followed by India and France. The gross domestic product of India in 1775 was estimated at about 70 per cent that of China. Nevertheless, a devastating famine broke out in the eastern coast in early 1770s killing 5 per cent of the national population.

British Rule

The British colonial rule created an institutional environment that did stabilize the law and order situation to a large extent. The British foreign policies however stifled the trade with rest of the world. They created a well developed system of railways, telegraphs and a modern legal system. The infrastructure the British created was mainly geared towards the exploitation of resources of India. By the end of the colonial rule India inherited an economy that was one of the poorest in the world and totally stagnant, with industrial development stalled, agriculture unable to feed a rapidly accelerating population. They were subject to frequent famines, had one of the world's lowest life expectancies, suffered from pervasive malnutrition and were largely illiterate.

British East India Company rule

1775 - 1800
During this period, the East India Company began tax administration reforms in a fast expanding empire spread over 250 million acres (1,000,000 km2), or 35 per cent of Indian domain. Indirect rule was also established on protectorates and buffer states. China was the world's largest economy followed by India and France. The gross domestic product of India in 1800 was estimated at about 60 per cent that of China.

The Company treasury reported annual revenue of £111 million in circa 1800 thus registering an average annual growth of merely 0.1 per cent throughout the turbulent 18th century. Almost all of the Indian land revenues were diverted by the Company to help the British Crown defend herself in the Napoleonic Wars.

1800 - 1825
China was the world's largest economy followed by India and France. The gross domestic product of India in 1825 was estimated at about 50 per cent that of China. British cotton exports reach 3 per cent of the Indian market by 1825.
1825 - 1850 China was the world's largest economy followed by the UK and India. Industrial revolution in the UK catapulted the nation to the top league of Europe for the first time ever. During this period, British foreign and economic policies began treating India as an unequal partner for the first time.[12] English replaced Persian as the official language of India. The gross domestic product of India in 1850 was estimated at about 40 per cent that of China. British cotton exports reach 30 per cent of the Indian market by 1850.

British Raj

1850 - 1875
The formal dissolution of the declining Mughal Dynasty heralded a change in British treatment of Indian subjects. During the British Raj, massive railway projects were begun in earnest and government jobs and guaranteed pensions attracted a large number of upper caste Hindus into the civil service for the first time. China was the world's largest economy followed by the USA, UK and India. The gross domestic product of India in 1875 was estimated at about 30 per cent that of China (or 60 per cent that of the USA). British cotton exports reach 55 per cent of the Indian market by 1875.

1875 - 1900
USA was the world's largest economy followed by China, UK, Germany and India. Collapse of the central authority of the Qing Dynasty and the resultant chaos triggered China's short but rapid decline on the world stage. The gross domestic product of India in 1900 was estimated at about 20 per cent that of the USA.

1900 - 1925
USA was the world's largest economy followed by the UK, China, France, Germany, India and the USSR. The gross domestic product of India in 1925 was estimated at about 10 per cent that of the USA.
The Crown treasury reported annual revenue of £125 million in 1925 thus registering an average annual growth of merely 0.1 per cent during the turbulent first quarter of 20th century.

1925 - 1950
USA was the world's largest economy followed by the USSR, UK, China, France, Germany and India. The gross domestic product of India in 1950 was estimated at about 7 per cent that of the USA.
The Great Depression of 1929 had a very severe impact on India, which was then under the British. During the period 1929–1937, exports and imports fell drastically crippling seaborne international trade. The railways and the agricultural sector were the most affected.
About one-sixth of the national population were urban by 1950.[14] A US Dollar was exchanged at 4.79 Rupees.
The Great Depression and the economic policies of the Government of British India worsened the already deteriorating Indo-British relations. When the first general elections were held according to the Government of India Act 1935, anti-British feelings resulted in the Indian National Congress winning in most provinces with a very high percentage of the vote share.