Gurumurthy has great article in today's BL. Its a must read. A bit from the article:
- India could never have been an agrarian economy then as it is now, given India’s share in world manufacturing at 24.5 per cent in 1750 and with industrial employment then estimated at between 21 and 28 per cent. It was the collapse of Indian industry during the colonial period that drove people back to the farms. This kind of widespread and widely shared economic activity would not have been confined to the minuscule Bania community.
- There is need to recall, re-author, and review Indian economic history, which is even now a prisoner of the Marx-Weber perspectives.