India's GDP constituted about 24% of the world economy by 1700, surpassing all European countries and exceeding Ming China
The 'Drain of Wealth' theory posits that British colonialism significantly damaged India's economy by exploiting its resources for Britain's development
The decline began with the British East India Company's victory over the Nawab of Bengal in 1757, enabling them to exploit the rich province and accumulate wealth through traditional trade
In 1867, Dadabhai Naoroji estimated that the British Empire extracted about $12 million annually from India's revenue
Historians Romesh Chunder Dutt and Mahadev Govind Ranade estimated that Britain took up to £30 million, half of India's net revenue and more than a third of its national income
Economist Utsa Patnaik reveals that Britain drained $45 trillion from India between 1765-1938, a sum 17 times the UK's current annual GDP
She identified four economic periods in colonial India, and calculated a modest compound interest rate to showcase the drain
India's post-independence growth exemplifies its resilience, overcoming a colossal economic drain to emerge as a global player despite historical challenges