India's economy refers to the system through which goods and services are produced, distributed, and consumed within the geographical boundaries of India. It includes various sectors such as agriculture, industry, and services.
Related terms
Cottage industry: Cottage industry refers to small-scale production carried out by individuals or families at home using simple tools and equipment. This type of industry played a significant role in pre-colonial Indian economy.
Cash crops: Cash crops are agricultural products grown specifically for sale rather than for personal consumption. During British rule, many farmers were forced to switch from growing food crops to cash crops like indigo or cotton.
Deindustrialization: Deindustrialization refers to the decline or loss of industrial activity in a region. British rule had a negative impact on India's industries, leading to deindustrialization in certain areas.